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| Subject: Looks attractivecost of GPB180 million or $500 million. UK to redevelop the Brunel | |
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Author: Lend Lease dropped 4c to $8.90 ($8.83-$8.99 (to me anyway) |
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Date Posted: 07:23:35 02/05/03 Wed Golden glitter The Australian sharemarket retreated in the afternoon session as investors again headed for the sidelines in the hope Colin Powell’s speech to the UN tonight provides some clarity on the Iraq situation. The ASX200 shed 27.9 or 1.0% to 2918.7 (2913.1-2943) - its lowest level in 4 months. SHAW Stockbroking’s head dealer Jamie Spiteri noted that some of the selling was on the back of activity in the futures market. “As has been the case in the last few days, there was selling in the futures market which in turn triggered selling in the physical market. We also saw some examples of investors taking their cash off the table ahead of tonight’s speech to the UN by Colin Powell. AMP, Westpac, News Corp and Orica were notably weaker while on the positive side was the gold stocks including Lihir and defensive infrastructure stocks like Transurban. Around the region the Nikkei 225 crept up 72.75 to 8557.65 (8423.93-8574.42) but Hong Kong’s Hang Seng fell 64.74 to 9187.97 (9185.8-9238.92) and the NZSE40 crashed 26.65 to 1958.74 (1954.77-1985.39). Spot gold climbed over the day to be trading at US$383.25/oz after briefly hitting US$384/oz. Traders commented that it was a “flight to safety” and noted that it had helped the A$ recover to US$0.59295 over the last 24 hours. Banks bloodied a tad Most of the banks retreated a touch although Westpac did relatively worse, down 32c or 2.3% to $13.64 ($13.59-$13.90). CBA eased 23c to $26.15 ($26.10-$26.48), ANZ lost 24c to $16.91 ($16.82-$17.12) and SGB fell 8c to $18.02 ($17.96-$18.10). NAB eased 18c to $31.35 ($31.08-$31.45). Media reports today said the bank has been telling fund managers that it will meet earnings expectations and has ruled out any takeover which wouldn’t be EPS positive within 18 months. Banks Australian insurers were under pressure all day in the wake of US insurance giant AIG taking a US$1.8 billion charge to pay for heavier-than-expected executive casualty claims. QBE shed 5c to $7.57 ($7.56-$7.67) despite the clarifying that its exposure to the US casualty business is relatively small. AMP was smacked down 21c to $8.99 ($8.85-$9.12) on renewed fears that further falls in the UK market will require it to inject more capital to its operations there. Nevertheless, the stock is now at all-time lows and several SHAW dealers reported seeing value-buying. IAG eased 6c to $2.55 ($2.54-$2.60), Suncorp lost 18c to $10.58 ($10.53-$10.69) and CPH Investments fell 0.5c to 48.5c (47.5c-49c). Telstra doing it tough Telstra’s slide continued in the afternoon and eventually finished down 4c at $4.41 ($4.40-$4.46). JB Were said in a note to clients that Telecom NZ’s is continuing to focus on the Australian market, ensuring the highly competitive conditions remain. Telecom NZ closed 8c softer at $4.15 ($4.11-$4.18) giving back most of yesterday’s gains with most analysts fairly unimpressed by yesterday’s profit result. SingTel slipped 1c to $1.28 ($1.27-$1.30) while Hutchison held its ground at 26.5c (25c-26.5c). Meanwhile, Uecomm eased 1c to 15c (14.5c-15.5c). The company today announced a loss of just $5.5 million for 2002 compared to a $55.2 million loss in 2001 but was cagey on whether it would make money this year, saying only it would make an EBITDA profit of $17 million. News Corp knocked below $11 As prime exposure to the US market News Corp was knocked down 39c to $10.92 ($10.89-$11.12) although the rest of the sector generally held its ground - PBL was up 2c at $8.37 ($8.28-$8.38) and Seven added 5c to $4.45 ($4.33-$4.45). Fairfax was hit by heavy selling from UBS Warburg and Macquarie, dropping 12c to $2.90 ($2.87-$3.00). Warburglers bought 397,000 and sold 1.0 million while the Macbankers bought 647,000 and sold 758,000. Foster’s to go after Southcorp? Foster’s climbed 6c to $4.30 ($4.14-$4.31) after most analysts dispelled yesterday’s rumours that it would make a bid for the troubled Southcorp. The news didn’t help the latter, falling 5c to $4.49 ($4.45-$4.56) despite news today that it has moved quickly to shore up its margins by lifting prices across its premium range of wines. BRL Hardy was flat to $10.33 ($10.33-410.39). GarinCorp, Grainco in merger talks GrainCorp advanced 4c to $10.00 ($10.00-$10.30) after it disclosed that it has entered into merger talks with unlisted bulk commodity, logistics and trade facilitation group Grainco Australia. Retailers mixed Coles Myer lifted 2c to $6.32 ($6.22-$6.32), Woolworths lost 6c to $11.70 ($11.64-$11.75) and Harvey Norman was steady to $2.36 ($2.34-$2.38). Strathfield gained 1.5c to 36.5c (35c-36.5c) before announcing after market that it has secured the right to resell Hutchison’s 3G network from July this year. Westfield given UK go ahead for centre redevelopment Lend Lease dropped 4c to $8.90 ($8.83-$8.99) and Westfield Holdings slipped 36c to $13.01 ($13.01-$13.50). The company today announced that it has received planning consent from Swindon Borough Council in the UK to redevelop the Brunel Centre at a cost of GPB180 million or $500 million. BHP uninterested in Alumbrera The pause on overseas markets held most resource stocks in check today with BHP Billiton easing 3c to $9.09 ($9.00-$9.13) and Rio Tinto dipping 17c to $32.74 ($32.65-$32.84). Analysts said they were not surprised by the news that BHP has not intervened in the proposed sale of 25% of the Alumbrera mine by Rio Tinto to WheatonRiver, pointing out the asset is non-core. MIM - the owner of the 50% of Alumbrera - eased 1c to $1.50 ($1.49-$1.51) but Alumina advanced 12c to $4.73 ($4.60-$4.75) and WMC Resources improved 3c to $3.89 ($3.84-$3.93). Gold cracks US$380/oz Aussie gold stocks climbed again with spot gold jumping to six-year highs with dealers reporting that some of the buying is from Japanese funds, unwilling to use the US$ as a safe haven. Lihir leapt 5c to $1.57 ($1.56-$1.58) although most brokers are discounting rumours that Rio is poised to sell its 16.3% stake as “an old chestnut”. Gains were spread all over the sector - Kingsgate Consolidated advanced 5c to $4.37 ($4.36-$4.42), GRD crept up 3c to $1.09 ($1.08-$1.11) and Emporer Mines climbed 7c, or 11% to 70c (67c-70c). Gympie Gold, off 4.5c to 43c (40.5c-47.5c), and Newcrest, down 11c to $6.52 ($6.49-$6.79), missed out on today’s celebrations. Woodside, Otway partners agree to commercial terms Woodside shed 7c to $11.20 ($11.02-$11.34). Woodside and its partners in the Geographe and Thylacine discoveries in Victoria's offshore Otway Basin have agreed to commercial arrangements aimed at jointly developing the fields. Santos inched down 3c to $6.01 ($5.94-$6.05) and Oil Search edged down 1c to 66c (66c-68c). In the biotech sector, Cochlear put on 9c to $37.59 ($37.10-$37.68), CSL shed 26c to $16.14 ($16.09-$16.50) and Stericorp said goodbye to 2c to 28c (28c-30c). By Andre Khoury and Jonathan Merridew -------------------------------------------------------------------------------- Things That Go Jump 4:50:10 PM 5-Feb-2003 -------------------------------------------------------------------------------- Coffey International (COF) today said it expects to deliver a stronger first half result than earlier anticipated. “The company has exceeded its earnings target in the six months to 31 December 2002, as a result of continued strength in both the consulting and international Development divisions,” managing director Roger Olds said. “The company expects to announce a post-tax profit in excess of $3.5 million, compared with last year's first half profit of $0.6 million and last year's full year profit of $3.2 million. “This represents another record six-month result and clearly demonstrates the continued strong performance of the company.” Its shares rose 34c, or 10% to $3.50. -------------------------------------------------------------------------------- Things That Go Bump 4:51:25 PM 5-Feb-2003 -------------------------------------------------------------------------------- Energy Developments (ENE) slumped 39c, or 16% to $1.96 The company today said it expects net profit for full year 03 to be “in a range of $3-$4 million below the reported result for the year ended 30 June 2002 of $20.8 million.” Market expectation for FY03 profit was $22.2 million, analysts said. “The primary impact on second half profitability is the decision by the company to undertake major repair/remedial works on a particular brand of its reciprocating engines used predominately in overseas landfill gas power generation since 1998,” the company said. “This brand of engine has demonstrated, over the operating hours to date, an inability to perform to expectations which is adversely impacting on project revenue and operating costs.” The second half results will also be impacted by an unrelated breakdown of a gas turbine at its Mucking landfill gas generation project, in the UK, which occurred in late December last year. “The turbine breakdown is currently being repaired and is expected to be back on line by late February 2003,” the group said. 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| Subject | Author | Date |
| no I think Pierce Brosna is quite attractive--certainly a turn up from Peter Fogarty (NT) | talking Lend Lease thoughlooks attractive at present levels | 07:26:22 02/05/03 Wed |
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