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To: ms.smartest.person who wrote (4119)	5/14/2003 11:03:13 AM
From: ms.smartest.person	Read Replies (1) of 5140

Punters sell miners as dollar's rise bites By Allison Jackson May 15 2003 Sharp falls in resource companies put the brakes on the sharemarket yesterday as investors became increasingly concerned about the impact on exports of the rising Australian dollar. The ASX 200 fell 10.6 points to 2970.8 and the All Ordinaries fell 9.1 to 2943 as investors quit BHP Billiton and Rio Tinto. Shares in BHP fell 15c to $8.61 and Rio Tinto fell 40c to $30.20 as the Australian dollar stayed well above US 64c. Also hurting BHP Billiton's share price was a warning from chief executive Chip Goodyear that there were few signs of a recovery in demand for the company's metals in markets such as the US. Apart from international tax breaks for companies, the federal budget was virtually ignored by the sharemarket, though some dealers were said to be excited about their $4-a-week tax cut. Newspaper publisher John Fairfax fell 12c to $2.90 amid concerns that a tax loophole in New Zealand was about to be closed which would make its acquisition of Independent Newspapers less attractive. News Corp rose 20c to $11.63 after third quarter profit rose to $US275 million ($426 million). Green's Foods rose 6c to 64c after Bell Potter Securities pushed through a single trade of 20.31 million shares in the last 15 minutes of trading. A long time shareholder linked to company director Charles Garrard sold its stake in the company. Guinness Peat Group is understood to have picked up a small portion of the shares, with the majority going to institutions. Investors dumped Patrick amid concerns the company's earnings growth would slow in the second half. The shares fell $1.19 to $12.66. Rumours also circulated that Patrick would consider selling part of its stake in Virgin prior to the airline listing. NAB rose 28c to $31.60 after delivering a $1.867 billion net profit for the six months ended March 31, 2003, down 17.2 per cent on the previous corresponding period. Cash earnings - not including NAB's write-down and distributions - rose 7.4 per cent to $2.13 billion. Elsewhere in the sector, ANZ rose 5c to $18.46, Westpac rose 2c to $15.70, while the Commonwealth fell 11c to $27.27. As Southcorp endured another belting, falling 10c to $2.88, its rival Foster's began to feel some pain too, falling 8c to $4.32 Apparently some investors are worried Foster's might make a tilt for the financially challenged wine maker, which could put pressure on its earnings. Medical imaging technology company DenX rose 17c to 52c after receiving US approval for its image guided (dental) implantology system. Copyright © 2003. The Sydney Morning Herald. smh.com.au

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