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Strategies & Market Trends : Australian Shares and ADRs
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To: Paul Corbett who wrote (80)9/15/1998 1:18:00 PM
From: Paul Corbett  Read Replies (1) of 96
 
Market report Tues 15 September. As I noted in last post banks were oversold and are recovering. Mayne is of interest to anyone who wants to get into Optus float and there appears to be something happening at Savage!

"Comments from Mayne Nickless that there no impediments to a float of Optus saw the share price run up strongly, depsite what seemed to be a dissapointing earnings result. Directors are aiming to have Optus floated by the end of this year after an offering of Optus shares to Mayne Nickless shareholders followed by a return of capital. Mayne Nickless posted a 56% fall in net profit for the year to $44.2 million, but the share price added 52c to finish at $9.02 after the news on the Optus float.

Shares in Savage Resources traded strongly after renewed takeover speculation which led the company to make an announcement denying the rumours. At the same time the company announced drilling results which they believed could be influencing the market. However, with more than 10 million shares trading it seems unlikely that drilling results were the cause for the share price running up. At the close of trade Savage shares had added 9c to 74c, after earlier trading as high as 78c.

The banking sector surged strongly today despite the government stating that it had no intention of dismantling the four pillars policy until further competition emerged. All four major banks made good ground, with ANZ adding 38c to $9.96, Commonwelath Bank 46c to $19.70, Westpac 34c to $9.19 and National Bank 53c to $20.70."
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