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Smartcard company ERG moved ahead 6y or more than five per cent to $1.11 after announcing it had teamed up with T-Systems International for upcoming tenders in Germany, Austria and Switzerland.
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Date Posted: 1/10/03 3:54:47am
In reply to:
The difference between the two figures was 7c.
's message, "The 23/9/03-single price closing auction 94" on 29/09/03 7:31:24pm
Resources drag local shares lower
Date: 01/10/2003 13:13:00
Words: 812
Publication: Financial Review
Section: Equities
Source: aap
The Australian stock market continued to deteriorate at noon on Wednesday as resources stocks slumped in response to strong gains by the Australian dollar.
Fat Prophets analyst Angus Geddes said major resources stocks such as BHP Billiton, Rio Tinto and Woodside Petroleum were sold off after the Australian dollar spiked above US68y overnight and maintained some of the gains early in the day session.
By midday the dollar was trading at US68.31y.
The benchmark S&P/ASX 200 index was 7.7 points lower at 3162.3 while the all ordinaries index lost 8.8 points to 3167.4.
On the Sydney Futures Exchange, the December share price index contract was up six points at 3163 - a 0.7 point premium to the underlying index - on a volume of 8,106.
The falls followed a weak United States lead overnight with investors rattled by a fall in the US dollar and the release of economic data reflecting downturn business activity and declining consumer confidence in the Chicago area.
The Nasdaq Composite Index dropped 37.62 points or 2.06 per cent to 1786.94, while the blue-chip Dow Jones industrial average lost 105.18 points or 1.12 per cent to 9275.06.
The broader Standard & Poor's 500 Index fell 10.61 points or 1.05 per cent to 995.97.
In London, the FTSE 100 dropped 1.4 points or 1.2 per cent to 4091.3
Banking stocks were generally lower with ANZ down 13y at $17.82, the National Australia Bank slipped 4y to $30.76 and the Commonwealth Bank lost 2y to $27.68. Westpac was up 8y at $16.28.
"We've seen a little bit of profit taking in some of the banks but most of the selling today is really due to the resource stocks particularly the large resources stocks like BHP, Rio Tinto and Woodside Petroleum," Mr Geddes said.
BHP Billiton was down 19y at $10.37, Rio Tinto slipped 47y to $32.40 and WMC Resources lost 7y to $4.35.
Alumina dropped 4y to $5.06, while Woodside Petroleum fell 6y to $13.34.
Mr Geddes said financial groups continued to remain strong with AMP up 9y at $6.75 and Tower Group adding 1y to $1.18.
Gold stocks were trying hard to sparkle as the gold price lifted overnight but increases were subdued by the impact of the Australian dollar.
The spot price of gold in Sydney was $US1.05 higher at $US384.50 an ounce.
Newcrest Mining added 9y to $11.05, Lihir rose 1y to $1.67 and Sons of Gwalia gained 1y to $3.24. Newmont lost 4y to $5.71.
News Corp lost 18y to $11.84 and its preferred scrip also fell 18y to $9.84.
The falls came after the United States-based Liberty Media Corporation had exercised its right to buy $US500 million worth of preferred scrip.
Also in media, Fairfax moved ahead 4y to $3.25. Kerry Packer's PBL lost 5y to $11.01 in the wake of Tuesday's decision to take a strategic stake in the company which owns Perth's Burswood International Casino Resort.
Burswood was the most traded stock by volume with 24.92 shares changing hands valued at $29.08 million. It remained steady at $1.18.
In the retail sector Coles Myer added 1y to $7.61, Woolworths found 9y to $11.81 and David Jones was steady at $1.47.
Telstra was steady at $4.74 as rival telco and Optus-parent Singapore Telecommunications lost 2y to $1.39.
Elsewhere, Foster's moved ahead 5y to $4.52 as investors waited for details of a 40 million share buyback.
Hospitals and pharmaceuticals firm Mayne Group lost 5y to $3.24 after saying it would extend the period for its on-market share buyback which expired on Tuesday.
Smartcard company ERG moved ahead 6y or more than five per cent to $1.11 after announcing it had teamed up with T-Systems International for upcoming tenders in Germany, Austria and Switzerland.
Upmarket fashion house Oroton Group surged 25y or 4.5 per cent to $5.80 after unveiling a 30 per cent jump in 2002/03 net profit to $8.35 million .
National Foods surged to record highs, up 20y to $4.15, amid speculation New Zealand dairy giant Fonterra is ready to launch a takeover for the milk producer.
And Trust Company of Australia lifted 15y to $6.90 after the financial services group upgraded its net profit forecast by 20 per cent, citing better-than-expected efficiencies.
National turnover was 556.56 million shares worth $1.2 billion. There were 423 stocks higher, 503 lower and 349 steady.
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