Australian Markets Report

Provided by The Australian Investor

Friday 28th September 2001

The Australia market pushed cautiously forward in quiet trading yesterday. Investors remaining stand-offish as the US markets showed few signs of a solid recovery following last week's 14 per cent dive.

At the end of the day's trading the All Ordinaries gained 9.5 points (0.3 per cent) to 2941.6 while the S&P/ASX was the first to pierce the 3000 mark, up 9.7 points to 3000.7.

Leading the market were healthcare stocks, with the healthcare and biotech index up 119 points (2.3 per cent) to 5325.8. Mayne Nicklass led the sector up 27 cents (4.1 per cent) to $6.83, Fauldings gained 79 cents (5.2 per cent) to $15.86, CSL jumped 98 cents (2.3 per cent) to $44 while Cochlear gained $1.51 (3.5 per cent) to $44.90.

The resources sector also pushed slightly forward, the resources index up 8.3 points (0.6 per cent) to 1297.6. Most impressive was Sons of Gwalia which gained 27 cents (4.5 per cent) to $6.27, WMC was up 10 cents to $7.51, Anaconda Nickel surged 6 cents (9 per cent) to 73 cents and Newcrest Mining advanced 10 cents (2.9 per cent) to $3.60.

The banking sector slipped into negative territory, the bank index down 6.7 points to 7723. The NAB led the index down, falling 50 cents (1.9 per cent) to $25.75 while the Adelaide Bank lost 10 cents (1.7 per cent) to $5.95. Bucking the trend was ANZ which gained 36 cents (2.3 per cent) to $15.85 and St. George which jumped 27 cents (1.9 per cent) to $14.69

Media stocks were also sluggish, News Corporation down 22 cents to $12.11, Seven down 13 cents to $6.34 and Western Australian Newspapers down 8 cents to $4.93.

In other news debt-ridden Austrim gained 12.5 cents (89 per cent) to 26.5 cents after announced it had reached an agreement with the five major banks which will allow the company to continue to operate until the end of the financial year. Amcor gained 35 cents (4 per cent) to $5.99 as investors warmed to its European restucturing plans.

Other movers included Aristocrat up 31 cents (5.4 per cent) to $6.05, James Hardie which gained 18 cents (4.4 per cent) to $4.34, Foodland which gained 51 cents (4.2 per cent) to $12.70 and Wesfarmers which gained 92 cents (3.3 per cent) to $29.01

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