Aust stocks edge close to record =2 Melbourne

AAP General News (Australia)
12-09-1999
Aust stocks edge close to record =2 Melbourne

The Standard & Poor's 500 fell 5.29 to 1,403.88 and the Nasdaq composite index fell
0.84 to 3,586.08.

Hudson Securities private client adviser Graham Harcourt said News Corp accounted for
10 per cent of the all ords movement today, with Telstra, AMP, BHP and Rio Tinto also
strong.

Mr Harcourt believed the market was in sight of a new record.

"I think we can do it," he said.

"There's enough good sentiment about at the moment."

Mr Harcourt said brokers were expecting a positive session on Wall Street tonight,
which could give the local bourse the kick it needs to top the April record.

"I wouldn't be surprised if we have another up day tomorrow," he said.

Mr Harcourt said the reweighting of News Corp was continuing, with the revaluations
by big brokers driving the stock to new heights.

News Corp stacked on 70 cents or 4.58 per cent today to close at $16.00, while its
preferred scrip gained 58 cents to $14.50.

"Admittedly Telstra and BHP and AMP were up as well which did help to push the all
ords up 27, but it's really a News Corp driven kind of thing at the moment," Mr Harcourt
said.

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KEYWORD: AUST STOCKS CLOSE 2 MELBOURNE

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