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Resource returns augur well

THE diversified resource sector hitting the strongest industry grouping performance during December augurs well for the industry which continues to be dogged by gold jitters and hawkish sentiment from US markets.

The 3.6 per cent increase in the All Ordinaries Index during December was driven by the diverse resource sector which reported a 16.8 per cent gain during the month under review, thereby experiencing the strongest industry grouping performance for December, according to a report by stockbroker Bell Securities Limited.

An 18.8 per cent increase in Rio Tinto, a 16.2 per cent increase in North Ltd and a 16 per cent rise in BHP were the major contributors to this performance.

The other metals sub-industry grouping had a 13.3 per cent increase during the month under review with a 19.9 per cent rise in MIM and 16.3 per cent increase in WMC being the key contributing factors.

Although the insurance sub-industry grouping reported a 10.8 per cent rise during December, with a 14.1 per cent rise in AMP and 13.4 per cent rise in QBE being the major factors, the food and household, transport and gold sector were losers.

The Bell report says the gold industry grouping experienced a 4 per cent fall in December, a performance attributable to the 11.3 per cent drop in Delta and 9 per cent decline in Lihir gold share prices.

The All Industrials Index experienced a 2.1 per cent increase during December, with the All Resources Index reporting a 11.5 per cent rise and the All Mining Index up by 8.6 per cent during the same period.

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