VoyForums
[ Show ]
Support VoyForums
[ Shrink ]
VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time ]

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: 21:53:11 03/02/03 Sun
Author: Published: 3/03/2003 - 13:46
Subject: Market Quietly Higher at Midday in Thin Trade


Published: 3/03/2003 - 13:46

Market Quietly Higher at Midday in Thin Trade

The ASX200 at midday is up 6.5 points to 2807.4 on thin volume worth $553 million. The SPI Futures is up 10 points to 2800 on lightish volume of 4330 contracts. Aussie 10 year bond yields are up 2 points to 5.085%. The $A is at US60.69c, about 15 points weaker than Saturday.


*The banks led the way higher, adding 4.36 points in the positive, News Corp added 4.28 positive points and the miners 2.70 positive points.

The Nikkei Dow futures is up 35 points, NASDAQ futures is up 2 points, S&P 500 futures is up 1.1 point.

Gold futures are down $1.90 in the Asian day.

ECO NEWS

*Australian manufacturing activity rose 5o 54.1 points seasonally adjusted in Feb from 52.7 in Jan.

*Job ads in major metropolitan newspapers rose 3.2% in Feb following a 4.3% rise in Jan while the internet job ads rose 11.8%, the largest monthly increase since the series began in mid 1999.

ANZ chief economist Saul Eslake however warned the result might not translate into strong growth in employment data. He also pointed to the new survey sample that had inflated the ABS results.

*Australia reported a seasonally adjusted current account deficit of $11.577bn in the Dec quarter from an upwardly revised $8.272bn in the September quarter, the ABS reported. Net foreign debt rose 2% to $353.966bn in the Dec quarter vs $322.446bn a year ago.

*The estimate of income from sales by manufacturers in the Dec quarter seasonally adjusted rose 0.6% 5o $68.555bn, the ABS reported, up 5.8% on a year ago.

Company gross operating profits in current prices rose a seasonally adjusted 2.5% in the Dec quarter to be up 10.8% over the year to Dec.

TOP STOCKS

*TABCorp fell 40c to $9.69 on a half million shares, Jupiters rose 19c to $6.34 on 3.1m shares while UniTAB rose 12c to $4.62 on 150,000 shares as JUP continues negotiations with TAH with the UTB merger on the back burner for now.

*Billabong shed 57c to $4.78 on 2m shares.

Among the financials, AMP fell another 32c to $6.68 on 4.8m shares, ANZ rose 10c to $16.52 on 1.2m shares, NAB was up 39c to $29.29 on under 1m shares. CBA was up 12c to $24.66 on under 1m shares, WBC was down 3c to $14.02 on 1m shares, IAG fell 7c to $2.99 on 1.9m shares.

Among the TMT's, News Corp rose 23c to $10.42 on 2.39m shares, the DPs rose 17c to $8.71 on 3/4 million shares, Telstra rose 7c to $4.07 on 9.9m shares, Telecom NZ fell 5c to $3.80 on a quarter million shares, SingTel fell 1c to $1.24 on light volume.

Among the resources, BHP rose 12c to $9.27 on 3.26m shares, RIO rose 37c to $33.87 on a quarter million shares, WMR gained 6c to $3.98 on under a half million shares, AWC fell 6c to $4.54 on 3/4 million shares. Sons of Gwalia rose 2c to $1.42 on under 200,000 shares. MIM rose 3c to $1.45 on 1.7m shares (ex 1.3c).

Among the oils, Woodside fell 32c to $10.53 on 3/4 million shares (ex 41c), Santos was down 15c to $5.70 (ex 15c). Oil Search fell 1c to 67c on under 3/4 million shares.

Among the golds, Newcrest was up 5c to $6 on light volume, Lihir fell 1c to $1.38 on under 1m shares, Highlands fell 1c to 31.5c on 3/4 million shares.

Wesfarmers ex 33c was down 72c to $24.75 on under a half million shares. BHP Steel rose 5c to $3.50 on 1.58m shares. Qantas rose 8c to $3.16 on 4.27m shares - also positive comment on QAN in Barron's, issue cover dated March 3.

AT THE SMALLER END

Not a lot happening at the smaller end.

Peptech was up 6c to $1.10 on 1.2m shares.

Ramsay Health Care rose 18c to $3.40 on nominal volume after its profit result. Brazin fell 5c to $1.23 on under a quarter million shares. Technology One rose 1.5c to 28c on under a quarter million shares after its profit result.

NEWS OF THE DAY

LARGE CAP INDUSTRIALS

*ALL: More US subsidiary execs depart

Aristocrat Leisure announced Mark Newburg, President of the US subsidiary will be leaving the company. Pending an announcement of a new President, Des Randall will assume management responsibility.

Ron Rowan, CFO of the US subsidiary will also leave the company effective March 7. Ron Dufficy, recently appointed financial controller of the Americas will provide financial leadership to Aristocrat Technologies Inc pending a permanent appointment.

David Lucchese, Vice President of Sales for ATI will also be leaving the company in March.

*AMP: Westpac had 12.04% has 10.68% of AMP.

*ART: Westpac had 14.22% has 12.86% of AMP Shopping Centre.

*BLD: Boral announced it has secured long term supply of hardwood resource from the NSW State Government. This will enable Boral to complete its investment program in the NSW timber industry. The overall program involves total expenditure of $45m by Boral Timber with the NSW and Fed Governments providing $22.5m.

To date Boral has spent more than $16m in capital upgrades and now a further $15m to be invested in a key project to upgrade Boral's mill at Herons Creek. The remaining $14m will be used to develop value adding processes.

In addition to the investment program, Boral will be developing a hardwood plantation strategy to improve the sustainability of the north coast hardwood timber industry.

*BPC: JP Morgan has 5% of Burns Philp. (Feb 28)

*CEP: Westpac had 6.35% has 5.15% of Centro Properties.

*FKP: FKP announced Peter Ross Brown has been appointed director and MD on Feb 27, formalising his appointment as announced in Dec 2002. (Feb 28)

*GHG: Westpac had 19.57% has18.14% of Grand Hotel Group.

*IPG: WBC had 10.87% has 9.77% of Investa Property.

*JUP/UTB/TAH: Jupiters advised it has not finalised a position as to its recommendation to Jupiters shareholders regarding potential corporate transactions. Merger discussions with UniTAB have been suspended while negotiations continue with TABCORP Holdings.

*RMD: Westpac has ceased to be substantial in ResMed Inc.

*SGB: St George Bank announced the start of a marketing campaign for a proposed global mortgage backed securities issue, to be known as Crusade Global Trust No 1 of 2003. The securities will be registered by the SEC of the US and will be backed by Australian residential mortgage loans originated by St George. Securities with an equivalent value of approx $1.80bn in total will be issued with a senoir tranche of4US1.05bn and subordinated tranches totalling $35m. It is expected the senior tranche will be rated AAA by S&P and Fitch and Aaa by Moody's.

The issue will be lead managed by JP Morgan with CS First Boston and UBS Warburg as co-managers.

LARGE CAP RESOURCES

*ANL: Sherritt International has ceased to be substantial in Anaconda Nickel.

*HIG: Kainantu project to be delayed by 3 months as higher than expected copper assessed

Highlands Pacific announced finalisation of the definitive capital and operating costs estimate for the Kainantu Gold Project will be delayed. Recent metallurgical test work on a bulk sample collected from the strike drive has demonstrated excellent gold recoveries in excess of 93%. However, this section of the gold mineralisation has reported higher levels of soluble copper than encountered in previous testwork. Additional testwork and engineering studies are therefore required to finalise the metallurgical flowsheet.

The additional work is expected to take upto three months to complete.

(A feasibility study completed in Dec 2001 envisages an underground gold mine producing upto 140,000 ozs of gold pa at an average head grade of around 32 gpt gold over approx 7 years, based on the current estimated mineral resource). (Feb 28)

*SPP: Completes longest continuous production run, cumulative production milestone surpassed

Southern Pacific Petroleum announced the Stuart Stage 1 plant has successfully completed its longest continuous production run and is now entering a three week planned shutdown to implement further reliability improvements.

The stage 1 plant has set a new oil production record of 133,000 barrels in the current production run, 103,000 barrels of oil produced to date in 2003 and the 700,000 barrel cumulative production milestone has been surpassed for 2003. (Feb 28)

*TKR: Further significant results at Mineral Hill including 7m at 18.4 gpt gold and 2.7% copper

Triako Resources announced a further nine holes have been drilled at the Iodide South prospect 400 metres south of the current mine workings at Mineral Hill. Best intersections include TMH 226 25m at 6.1 gpt gold and 1.6% copper including 7m at 18.4 gpt gold and 2.7% copper.

And TMH 227 - 30.7m at 2.4 gpt gold and 1.9%copper including 4.3m at 9.9 gpt gold and 1.9% copper. Drillhole TMH 234 is in progress, Four drill holes had major drilling difficulties and two were abandoned. The northern zone remains untested below 200 metres from the surface and will be drilled later in 2003.

An additional $400,000 has been approved for 2002/03 to accelerate exploration.

MID TO SMALL INDUSTRIALS

*AEO: Net profit down in line with expec, sells 50% interest in Eyeshop

Austereo announced net profit after tax down 8.8% to $30.4m on revenue up 1.7% to $140.093m.

An interim dividend of 3.4c fully franked, steady, was announced..

After including the effect of discontinuing operations ofA-Live the after tax result was $24.2m.

EBIT from continuing operations was $49.4m including $3.5m profit from the sale of Eyeshop, down 4.9% on the previous corresponding.

Austereo reported a strong radio audience share in all markets in the first half including the key Sydney market, where Austereo won No. 1 place in all surveys as well as achieving No. 1 in the 25-39 age group in 10 out of 20 market surveys.

Tight fiscal management resulted in Austereo achieving a radio operating margin alongside some of the world's best radio operations.

Offshore operations in Malaysia, Athens and the UK also had strong results.

Austereo also announced the sale of its50% interest in Eyeshop, details cannot be provided at present.

Analysts expectations: From $22.9/30.2m

*AIE: Purchase of Precision Components abandoned, MD steps down

AI Ltd announced Peter Hutchinson has resigned as MD, will remain a non exec director. Chairman Stephen Young has assumed the role of Exec Chairman.

Also the acquisition of Precision Components Australia Pty Ltd will not go ahead since both companies have significant growth opportunities available in the coming year.

AIE will use its resources to take advantage from these opportunities and maximise the profits available from internal growth.

Also the assets of Webb Construction (WA) Pty Ltd which were acquired from Vysarn Pty Ltd in Jan 2001for$2.4m has incurred losses of$300,000 for the period ended June 30 2001 and further losses of $2m for the year ended June 30 2002. In addition AIE wrote off goodwill associated with the Webb Construction acquisition of $1.4m as at June 30 2002. Directors not associated with the vendor believe AIE has a claim against Vysarn Pty Ltd. The company has after seeking to resolve the claim on a commercial basis, has instructed its solicitors to prepare a claim.

*AWP: Strong result, positive trend to continue

Arrow Pharmaceuticals announced a net full year profit of $9.037m on revenue worth $248.023m.

EBITDA was $13.9m up 216% from the previous corresponding half.

Diluted eps was 15.4c.

Three Arrow Laboratories developed products were introduced, 11 new private prescription products were added to the Arrow range during the period.

MD Paul Duchen said in the report while the current growth rate will be challenging to maintain, the performance outlook remains very positive.

*CMP: Compumedics announced a net interim profit down 92% to $24,000 on revenue up 80%to $16.709m.

Compumedics said in the report revenue was a record for the six months, earnings also improved over the period with a small profit posted after restructuring costs were expensed.

Compumedics has now successfully established its direct US sales channels throughout the USA hospital market, the largest in the world together with the home and alternative care diagnostic markets. US revenue growth was up 80% over the previous corresponding half to $5.9m.

Our Week's Special dated Nov 9 2001.

*CVC: Continental Venture Capital announced a net interim profit down 52% to $1.388m on revenue down 85%to $1.377m. (Feb 28):

*DSG: DSG Australia announced an agreement to acquire all of the issued capital ofIVB Holdings Pty Ltd to acquire a 51% stake in a novel Magnetic Resonance Imaging technology owned by Innver Vision Biometrics.

The technology permits for the first time the accurate non invasive measurement of liver iron levels, information crucial in monitoring progress of various disorders of iron metabolism.

The technology was developed by a team at the Uni of WA in collaboration with an Australian radiological group.

*EST: RIMC has 40.86% of Estar Online Trading. (Feb 28)

*FEA: Forest Enterprises Australia chairman Rob Stewart announced the appointment of Andrew White as CEO. Formerly with Forest Resources, Boral, Bunnings and most recently Forest Operations and Wood Supply Manager with Gunns Ltd.

*FUN: Funtastic announced a net full year profit up 186% to $8.987m on revenue up 178%to $133.224m. A 3.5c fully franked dividend vs 2c for the previous final was announced.

*GAP: Gale Pacific announced following the acquisition of California Sun Shades Inc on Nov 27, the vendor, for personal reasons, has requested the company to release 505,000 shares of 974,811 issued in consideration. The vendor has agreed to waive its rights to the $US1.3m in further consideration subject to reaching certain targets.

*GRT: Garratt's announced on Feb 28 7,500 convertible notes were bought back and cancelled.

*HBR: Kornell Holdings had 14.99% has16.75% of Harbour Capital. (Feb 28)

*HSN: Hansen Technologies announced contracts have been executed to deliver a customer information and billing system to Australian Inland, a multi-utility state owned corporation providing energy and water services to customers in the NSW far west. Managing director Andrew Hansen said in the report this agreement further demonstrates and reinforces Hansen's position as a leading provider of convergent billing solutions in the telecom, electricity, gas and water markets.

OUR Week's Special August 30 2002, Hansen was trading at 24c.

*HWE: Wins new $US72m 10 year contract in Jamaica

Henry Walker Eltin announced it has been awarded a 10 year full service contract valued at approx $US72m by Jamaican bauxite producer Windalco for the provision of mining and cable belt operation for the Kirkvine bauxite/alumina complex and operation of the nearby limestone operation. Kirkvine is the third bauxite mining operation contracted to Henry Walker Eltin on the island of Jamaica.

*INX: Inovax announced the resignation of director and chairman Prof Alan Husband, with effect from today. Prof Husband has been a director of Inovax since 1996 and chairman since May 2002.

*JEL: Better second half expected but prospectus forecasts will not be met

Jacobsen Entertainment announced a net interim loss of $6.371m on revenue up 100% to $22.545m.

Jacobsen Entertainment said in the report during the six months to June 30 further theatre seasons for Shout! and additional concerts are planned. Regardless of the additional income to be introduced in the six months to June 2003 and the current profitability of the Concert and Special Events division, as a result of the losses sustained by the theatre division in the period to Dec 31, prospectus forecasts will not be met. (Feb 28)

*LOC: Local Telecom asked for suspension pending the outcome of a meeting of security holders to consider a change of activities.

*MBP: Positive safety and weight loss results revealed in fourth human clinical trial

Metabolic Pharmaceuticals announced the fourth human clinical trial ofAOD9604 Obesity Drug revealed positive outcomes in respect of safety and tolerability and weight loss.

The volunteers ranged from marginally obese to morbidly obese and their ages from 18 to 54.

There were no clinically significant safety or tolerability concerns.

On average there were consistent trends in weight loss measured at end of the treatment week. The mildly and morbidly obese groups lost more weight than the placebo group with the mildly obese showing the best results.

*MIA: Investors Mutual has 6.37% of MIA Group. (Feb 28)

*NRT: Loss reduced by 42%, cash in hand $35 million

Novogen announced a net interim loss of $4.121m on revenue up 6% to $14.663m.

Novogen said in the report the result is a 43% improvement over the previous corresponding period which itself was 42% better than the half year to Dec 31 2000.

Managing director Christopher Naughton said in the report the lead anti cancer compound Phenoxiodiol which is licensed to separately listed US subsidiary Marshall Edwards Inc is in phase two clinical trials.

In the six months to Dec 2002 Novogen expanded its clinical research ,increased product sales revenue and further contained its cost base and consolidated cash.

Cash in hand is $35m not including a $2.3m royalty payment received from DuPont Protein Technologies in early Jan 2003.

*OKN: Oakton announced a net interim profit after amortisation down to $3.2m.

Net profit after tax was down 6.4% to $2.904m.

Revenue was up 44.7% to $20.326m.

A 3c fully franked dividend was announced.

EBITDA said in the report EBITDA rose 2.9% higher to $4.6m.

Managing director Paul Holyoake said in the report Oakton had strong organic growth in the services area, in difficult market conditions. Also the integration of Tier Australia and mPoser Systems have gone according to plan with a stronger presence now in Sydney 2h343 40% of employees are now based.

Although Oakton's product sales were significantly lower for the half, the second half is expected to improve.

Oakton has developed its technology for entry into the US and UK markets where it has established a strong distribution network.

*PBD: Port Bouvard Ltd (formerly Menzies Court Holdings) announced a net interim profit of $5.475m a turn around from a loss for the previous corresponding half on revenue up 117% to $28m.

First half profit before tax rose to $8.541m.

EPS was up to 8.68c.

Debt was reduced to $19.48m.

A 5c fully franked dividend is expected to be paid in June. With increasing dividends to be paid in future years on a six month basis.

The company remains focussed on completion of the Port Bouvard and Princeton Private estate Projects.

An offer to finance Phase 2 of Princeton Private estate has been accepted from St George.

*PTD: Peptech said the dispute with Centocor regarding Peptech's patents has moved to arbitration following Centocor's informing Peptech on March 1 it was still of the view that REMICADE ® does not infringe Peptech's patents.

*PRX: Prime Retail Group announced an investment of $23.2m in Victoria Park Shopping Centre, Perth, WA to be partly funded through a placement of 8.5m new Prime Securities to raise $8.1m, successfully completed this afternoon. (Feb 28)

*RHC:Profit in mid range of expectations, positive outlook

Ramsay Health Care announced a net interim profit up 25% to $18.454m on revenue up 20% to $320.546m.

A 6.5c fully franked dividend up from 4.5c for the previous corresponding half was announced.

EBITDA was up 12% to $45.1m, eps rose 23% to 14.4c per share.

Double digit NPAT growth was achieved in underlying businesses excluding recent acquisitions.

Managing director Pat Grier said in the report the interim result was pleasing, particularly given the challenges facing the industry. All of Ramsay's five operating divisions (Veteran, Regional Medical/Surgical, Co-located, Psychiatric and Rehab) performed well during the half.

Despite industry challenges, Ramsay Health Care expects conditions to remain favorable, with the focus for the remainder of the 2003financial year to carefully manage costs, while still growing the business.

Analysts expectations: From $16.9/20.9m

*SGS:Interim profit higher than expected

StarGames announced a net interim profit up 179% to $1.323m inclusive of profit after tax in the Gaming Division of $1.743m.

The vending Division recorded a loss of $189,000.

Total revenue was up 49% to $25.808m.

Operating cash flow was $1.448m and net cash flow $720,000.

Sales of gaming products increased 46% to 1,909 units. Of the sales 76% were derived from Australia and NZ and 24% from export sales to Asia, North America and South America.

Given the positive prospects for the Gaming Division in the second half, directors expect SGS profit after tax for the year to June 30 2003 to be in line with previous guidance of about $5m. Beyond June 2003 increased sales of Stargames gaming machine products in Australia and NZ and higher export sales are expected.

Analysts expectations: Around $700,000.

*SOT: SP Telecommunications positive cashflow end Jan was $1.219m. Cash in hand $13.085m. (Feb 28)

*SRA: Damelian Automobile has 5.11% of Strathfield Group.

*SSS: Sam's Seafood announced its wholly owned subsidiary Sam's Seafood Properties Ltd has completed the disposal of its newly refurbished premises at 124 Eumundi Road, Noosaville, Queensland to Prophet Property Trust for $2m.

As a result SSS Properties will contribute approx 41m profit before tax to the group in thesecond half of the year.

*TNE: Profit exceeds analyst expectations

Technology One announced a net interim profit down 18.4% to $3.160m on revenue up 12.2% to $24.48m. A 1c fully franked dividend, steady, was announced.

Analysts expectations: From $1.4m/$2.7m post goodwill writeoff.

ABN Amro Morgans analyst Scott Power said the result was ahead of his $3.1m pre goodwill write off forecast. Guidance for the full year remains the same, that is 25% down on last year. "I suspect they will do a bit better but no change to the forecast for now". Operating cash $4.5m. "Hold" recommendation retained.

*VNA: Techsuccess has 16.8% of Voicenet (Aust). (Feb 28)

*VSL: Vision Systems announced a net interim profit up to $8.305m on revenue down 14% to $81.591m.

A 2c unfranked dividend vs 1.8c for the previous corresponding half was announced.

EBITDA was $9.4m vs a loss of $10.3m in the previous corresponding period.

Directors said in the report the results were pleasing, in the context of the difficult global market conditions that prevailed during the period particularly in the US.

*VXS: Voxson announced a net interim loss of $5.875m on revenue down 1.8% to $12.858m. Voxson said in the report the loss was $3.1m excluding the impact of inventory provisions.

Major milestones included completion of all the approvals testing for the tri-band GPRS engine module and validating the initial production for this new product which is now ready for mass production, etc.

Also announced other products. The strategic review announced at the AGM is proceeding satisfactorily. (Feb 28)

MID TO SMALL RESOURCES

*ADX: Audax advised exploration of the 10 sq km area immediately south and adjoining the Bronzewing Mine is progressing ahead of schedule, Newmont (earning 31%) has advised 261 of the proposed 600 aircore holes have been completed, drilling is continuing.. (Feb 28)

*CYD: County Diamonds announced 9.041m shares and 3m options will be released from escrow on March 8. (Feb 28)

*DEG: De Grey Mining announced the issue of 6.8m shares at 12c each to raise $816,000. (Feb 28)

*RPT: Redport announced the Second Phase Drill Program at Commonwealth Hill tenements has been rescheduled to commence in March 2003 vs a Jan commencement expected earlier.

Also Redport has to date received down payments totalling $US220,000 from US based Onya Holdings Corp Inc trading as Comstac, receiving the full amount of the non refundable deposit for the sale and licensing of the first of five possible exchanges to Comstac.

Redport MD Rick Spierlrein said in the report he believed the ChatStack Exchange to be the first in the world to offer Internet protocol based resilient multi media services access to the global telecom market.

*SBM: Announces $8.4m through CN and Convertible Loan agreements, interest at 12%

St Barbara Mines announced it has entered into agreements to raise $8.4m by way of $2.8m of unsecured Convertible Notes and $5.6m through an unsecured Convertible Loan.

The strike price for the Notes will be the number of SBM shares that would be issued on conversion is 13c per share, repayment date is Dec 31 2007 if not already redeemed, interest is 12%.

The Convertible Loan is only convertible into shares on shareholder approval, strike price is 13c per share, repayable date is Dec 31 2007. Interest rate is 12%.

*URL: Universal Resources announced a program of seven RC drill holes to test the London Bridge prospect has intersected high grade oxide zinc mineralisation 50 m south of a massive sulphide intersection of 2.8m at 15.6% zinc made in the 197ps.

The best intersection was in hole RCB 003 including 16m at 11.26% zinc including 11m at 14.77% zinc. Further drilling will be required to test the target in the sulphide zone and further south. (Feb 28)

*WMM: West Musgrave Mining announced Craig McGown resigned as a director because of increased commitments with Carmichael Capital Markets. (Feb 28)



This market report is provided in good faith from sources believed to be accurate and reliable. OzEquities, Directors and employees do not accept liability for the results of any action taken on the basis of the information provided or for any errors or omissions contained therein.

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Replies:

Post a message:
This forum requires an account to post.
[ Create Account ]
[ Login ]
[ Contact Forum Admin ]

Forum timezone: GMT-8
VF Version: 3.00b, ConfDB:
Before posting please read our privacy policy.
VoyForums(tm) is a Free Service from Voyager Info-Systems.
Copyright © 1998-2019 Voyager Info-Systems. All Rights Reserved.