Undersold counters sparkle

IT wasn't a good day for second-line companies reporting year-end results but previously oversold stocks did well.

The All Ordinaries Index picked up 1.18 per cent, closing 59.56 points higher at 5,110.35, with manufacturing stocks losing ground.

For some second-liners which had lost ground over the week, yesterday brought a reversal of fortunes.

CIL Holdings put in a solid comeback, adding 20.35 per cent.

The counter gained 23 cents to close at $1.36 on turnover of $2.7 million.

The interior decoration and building company had been one of the big losers on Thursday, and analysts said the rebound was due to the stock having been oversold.