AUSTRALIAN STOCKS CLOSE AT RECORD LEVELS
Australian share markets closed at
record levels for the seventh consecutive session as strong
overseas interest in gold stocks pushed the market higher,
brokers said.
    They said heavy trading in gold stocks in London on Friday
night provided the impetus for the local market.
    At the close of trading the all ordinaries index was 11.6
points higher above Friday's previous record close at 1,799.0,
while the gold index had risen 176.8 points or 5.2 pct to a
record 3,562.1.
    The all resources index added 23.9 points to 1,164.3 but
the all industrials index dropped 4.8 points to 2,631.9.
    National turnover was a high 228 mln shares worth 525 mln
dlrs with rises outnumbering falls by four to three.
    Western Mining continued its run, jumping 1.04 dlrs to a
record 10.30. Poseidon gained 3.00 to 16.00, Sons of Gwalia 90
cents to 16.50 and Kidston 50 to 9.00.
    Placer Pacific rose 25 cents to 3.95 dlrs, Elders Resources
17 to 3.20, CRA 36 to 8.70 and MIM 19 to 3.35.
    Market turnover was boosted substantially by the inclusion
of about 180 mln dlrs in Australian Consolidated Minerals
shares, understood to represent the sale of Western Mining's
holding, brokers said. ACM shares finished 30 cents down at
8.40 dlrs.
    Resources leader BHP closed 15 down at 11.40 in quiet
trading while Bell Resources rose eight to 5.70. Elders IXL
lost 10 to 4.75.
    With most investors concentrating on mining stocks,
industrial stocks took a back seat.
    TNT dropped 10 cents to 4.75 dlrs and News Corp recovered
to be steady at 23.00 after being down most of the day. ANZ
Bank dropped 10 to 5.60 and National four to 5.46.
    In the oil and gas sector Santos dropped 26 to 5.00 and
Bridge eight to 1.40, but Genoa gained 25 to 3.05.
    June share price index futures staged a late rally and
finished 24.0 points higher at 1,824.0.
 REUTER
