Last year, most of the world's stock markets showed substantial gains despite record-high interest rates, unsettling political events, and a recession that was deeper and longer than expected. A key factor in this bullish tendency was the sharp rise in short-term interest rates, giving momentum to what a number of market experts see as a medium-term global shift away from bonds toward equities. Investors have shown a marked preference for capital growth, rather than yield. Equity portfolios weighted heavily toward resource and property assets have generally fared the best, and a more selective pattern, though similar, is expected in 1981. On the Toronto exchange, the composite index rose 25%. Equities trading helped account for the growth at other world markets as well. These included: 1. Sydney, 2. Johannesburg, 3. Hong Kong, 4. Tokyo, and 5. the markets of the oil producing nations.
Full text: Financial Times of London World Business Weekly, Jan 19, 1981
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