Aust, market recovers
NZPA Sydney The Australian all-ordin-aries index broke through the 500 point level for the first time since November 22 in a broad based recovery on Australian stock exchanges last week, inspired by prospects of lower U.S. and domestic interest rates and strong demand for gold-re-lated resource issues.
The rally began with strong overseas interest for both leading and speculative gold miners, when the market reopened for the new year on Tuesday, and gathered momentum and spread to other miners and leading industrials in subsequent trading days.
On the week the all-ordin-aries index rose 30.2 points to 515.6, the all-industrials gained 28.5 points to 650,1, and the all-resources market closed 31.7 points higher at 407.3.
Building stocks received a double benefit from the lower interest rate because of the possible easing of i house mortgage rates stimu- I lating their industry.
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Press, 10 January 1983, Page 24
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143Aust, market recovers Press, 10 January 1983, Page 24
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