ERG lost some of Wednesday's shine, losing 1.5� to 15�yesterday. -- ERG trade data forum

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Date Posted: 16:40:17 02/21/03 Fri
Author: ERG drops off its Sydney rideBy Griffin Longley
Subject: ERG lost some of Wednesday's shine, losing 1.5� to 15�yesterday.

http://www.thewest.com.au/20030222/business/tw-business-home-sto88954.html
ERG drops off its Sydney ride

By Griffin Longley

WA STOCKS

ERG lost some of Wednesday's shine, losing 1.5� to 15� yesterday.

Wednesday's 3� jump added about $30 million to the market value of the Balcatta-based technology group after it announced a $320 million ticketing deal with the NSW Government.

But yesterday's drop wiped out a third of Wednesday's gains.

ABN AMRO Morgan investment manager Tim Carvolth said the drop was partly attributable to profit taking before the weekend.

"A weekend is a long time for the world markets, and it is a long time because a lot can happen in two days in the current geopolitical climate," Mr Carvolth said.

"Investors are wary about taking positions with so much potential market-affecting news to come before they can trade."

On the positive side AlintaGas got another lift yesterday, moving up 8� to $4.55.

"AlintaGas continued their stellar run after releasing a 21 per cent net profit increase for the year at the beginning of the month," Mr Carvolth said.

"And chief executive Bob Brown came out and gave a fairly bullish open briefing for the next 12 months."

Mr Browning said the company was confident of delivering 7 per cent growth on net profit and earnings per share in 2003.

And at the same time as the threat of war in Iraq was affecting some stocks, the prospect of what happens after the war was affecting others.

"Croesus and Resolute were both down 2� today and that is part of a general momentum loss by gold stocks as people start reassessing the war premium on gold," Mr Carvolth said.

"Investors are looking ahead to the expected drop in the gold price when the conflict in Iraq ends."

BankWest was up 2� on the day as the banks generally lifted.

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