AUSTRALIAN SHARE MARKET CLOSES AT ALL-TIME HIGHS
Keen demand for gold stocks and quality
industrials pushed the Australian share market to all-time
highs in active trading, brokers said.
    A higher close on Wall Street, a strong local dollar and
easier domestic interest rates boosted sentiment in the
industrial sector, while demand for gold stocks continued
despite a slightly softer bullion price.
    Brokers said Western Mining featured in trading, gaining 30
cents to 9.00 dlrs after announcing a five-for-eight bonus
issue. By the close of trading, the all ordinaries index had
risen 12.5 points above yesterday's close to a record 1,771.6.
    The all industrials index gained 20.8 points to 2,639.3 and
the all resources 6.2 to 1,110.2. The gold index passed
yesterday's record close by 73.6 points to reach 3,156.2.
    National turnover was a high 206.7 mln shares worth 376.3
mln dlrs, with rises outnumbering falls five to three.
    Turnover was boosted by a large number of special sales,
including one for 5.0 mln Kalimantan Gold at 65 cents, 5.95 mln
Minora Resources at 23 cents, 3.57 mln Barrier Reef at 65, and
about 13 specials in Elders IXL totalling more than 2.0 mln
shares, brokers said. Elders rose 14 to 5.64 as more than 6.0
mln traded following news it will float Courage hotels.
    Elsewhere in the industrials sector, investors concentrated
on banking and insurance stocks and those in the food and
alcohol and tobacco sectors. ANZ gained 12 cents to 3.70 dlrs,
Westpac and National Australia four each to 5.06 and 5.64, and
FAI 10 to 10.60 after reaching a high of 10.90.
    Goodman Fielder advanced 10 to 4.60, Southern Farmers 20 to
8.40, and Arnotts 10 to 4.70. Amatil gained 10 to 10.70 and
Rothmans 20 to 7.20.
    Others to gain included Bell Group, up 15 to 10.85, IEL, 16
higher at 5.36, and Wormald, up 20 at 3.65. Coles Myer rose 20
to 7.00 after reports it plans to expand overseas.
REUTER^M
