Australian market rallies strongly
The Australian market staged an across-the-board come-back, with price rises inspired by the jump on Wall Street and accentuated by the thin market, brokers said. The all-ordinaries index closed 6.5 points up at 506.8, with the all-industrials up 3.4 points at 647.3, and the allresources up 9.0 at 393.4. Main rises were BHP by 12c to 696 c, CRA 8c to 365 c, MIM 15c to 350 c, WMC 16c to 330 c, and Pancontinental 7c to 155 c. Five cent rises took North Broken Hill to 225 c, Renison to 290 c and Greenblishes to 95c. Golds closed mixed, with GMK up 30c to 760 c and Peko 20c up at 490 c, while Emperor and Poseidon eased. Oil and gas issues rose, with Vamgas up 20c at 850 c, Santos 14c on at 580 c, Bridge 10c to 290 c; Woodside, Oil
Company of Australia, Strata, ‘ and Hartogen firmed. CSR added 2c to 296 c. ANZ rose 8c to 365 c in a mixed banking sector. Transport stocks firmed with Brambles rising 6c to 221 c with 264,400 sold to Australian institutions from overseas at 215 c. TNT rose 5c to 162 c. Retailers closed narrowly mixed. Lend Lease dropped 5c to 325 c after announcing a partial bid for the leading life assurer, MLC, Ltd. Pioneer Concrete added 7c, to 145 c while A.C.I. rose 5c to 122 c. Queensland Cement lost 5c to 135 c and New Zealand Forest Products eased a cent to 195 c. Coal miners were mixed with Coal and Allied down 5c at 495 c and Howard Smith 5c higher at 345 c. Sugar stocks were steady.
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Press, 28 October 1982, Page 24
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279Australian market rallies strongly Press, 28 October 1982, Page 24
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