Aust. sharemarket
A midweek rally provided the main interest in a thin Australian sharemarket which attracted little institutional and overseas investment. Brokers said that copper stocks firmed with the rise in physical prices as metal dealers took into account internal disorder in Chile where copper output is threatened by miners’ strikes.
The all-ordinaries index closed 7.3 points up on the week at 606.4, while the allresources was 11.5 points higher at 482.4, and the allindustrials gained 2.2 points to 745.9. The week opened amid concern over higher domestic interest rates in the final rundown to the end of the financial year on June 30. But by the time the market’s worst fears were real-
ised and the banks had increased prime rates to 16 per cent from 15 per cent, the market had accounted for the move and was riding on improved metal prices. Among the leaders, BHP finished 10c higher at 820 c, CRA added 10c to 526 c, CSR rose 7c to 382 c, MIM gained 17c to 452 c, WMC firmed 13c to 450 c, Woolworths was steady at 198 c and Westpac rose 3c to 273 c.
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Press, 27 June 1983, Page 24
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191Aust. sharemarket Press, 27 June 1983, Page 24
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