Telco stock gains in buying spree

The S&P/ASX200 index hit a record high yesterday as investors went on a buying spree. Telco stocks enjoyed the most gains with Cisco Systems leading the way. The S&P/ASX200 closed at 3372.9 points, higher than the previous record of 3372.4 points on August 24 earlier this year. The All Ordinaries Index closed at 3314.3 points, down from its August 24 record high of 3330.4 points. Meanwhile, trading volumes were down due to the Melbourne Cup.

‘Prices hit peak on buying plunge’, The Australian Financial Review, 08/11/00, p MW1.