Strong rally on Aust. market
After solid gains throughout the week, prices eased on Australian sharemarkets' on Friday. Brokers noted strong demand, led by institutional investors and overseas interests with interest in blue chip industrials whose yields are becoming more attractive as local interest rates ease.
They were confident of further rises this week after Friday’s prime rate cuts by the A.N.Z. Bank and Bank of N.S.W. The all-ordinaries index ended the week 14.8 points higher at 521.0, the all-indus-trials added 20.8 points to 657.2, and the all-resources gained 11.8 points to 411.3. Gold stocks enjoyed support, with GMK gaining 50c to 750 c, Central Norseman 30c to 720 c and Poseidon 17c to 367 c. Base metal stocks attracted little attention, and
closed the-week mixed. MIM added 15c to 345 c, CRA rose 8c to 383 c, Renison added 20c to 285 c, EZ Industries gained 10c to 460 c, but WMC at 346 c, Bougainville at 158 c and ERA at 175 c were all down.
Oil and gas issues strengthened, with Vamgas up 60c at 860 c, Santos 32c better at 602 c, Bridge up 25c at 310 c, and Hartogen 17c up at 232 c.
Notable rises among industrials were James Hardie, 30c to 350 c, Lend Lease 20c to 360 c, Howard Smith 35c to 435 c and A.G.I. 30c to 320 c. Take-overs added interest, with ACI bidding for the 51.5 per cent of Nylex shares it did not own. and Boral bidding for the outstanding 80 per cent of its competitor, BMI, Ltd.
'Losses reported by BP Australia and Caltex took some of the shine off interim and annual results.
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Press, 27 September 1982, Page 26
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277Strong rally on Aust. market Press, 27 September 1982, Page 26
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