WEEKLY AUSTRALIAN STOCK EXCHANGE (ASX)
ANALYSIS & SUMMARY - SATURDAY EDITION

MARKET SUMMARY FOR: Column will return in mid-June 2001

AORD:

S&P/ASX200:

MOST ACTIVE STOCKS & SECTORS

MAIN REASONS FOR ACTIVITY

• News Corp gained 1.21% and led media shares higher on news that it is about to seal the acquisition of Vivendi-Universal's Italian-Pay TV company, Telepiu, at a bottom basement price.

• Oil shares gained after Brent crude rallied in New York - it ended up closing above the US$29/barrel mark.

• Commodities and metals prices gained as Gold and Platinum prices rose.

• Rio Tinto gained 2.16% after the Australian government ruled that its Ranger Uranium Mine near kakadu National Park didn't violate environmental laws, nor destroy the environment.

• Suncor Metway gained 0.25% on Friday and closed the week higher after its CEO, Steve Jones, stepped on Monday so that a new CEO could be found. Chris Shilton, the CFO, is the interim CEO.

• AMP gained 0.65% after announcing on Thursday plans to to raise capital for more propping up of its UK unit, Pearl Insurance, by deciding to underwrite its dividend reinvestment plans for the next 18 months.

• Cranswick Premium Wines gained 9.09% after its board and that of Evans & Tate reiterated their intentions to merge on Friday, but under a revised plan. Evans & Tate closed unchanged.

• Coles Myer gained 2.78% on Friday, and closed the week higher after announcing on Monday that, Warren Flick, who as COO of the Merchandise & Apparel, led the division's turn around, will be leaving the company at the end of year 2002.

• Westpac Banking lost 1.92% after announcing Thursday that it will take a A$70 million restructuring charge for the year ending September, and will also see an accounting changes write down of A$110 million. On the upside, Westpac expects the sell of its AGC unit to net at least A$750 million.

• Smorgon Steel gained 1.71% on Friday and closed the week higher after announcing on Monday that it is paying less than A$10 million to acquire privately held steel reinforcing company, Albion Steel.

• Copper and Gold miner, Selwyn Mines Ltd, closed unchanged despite stating on Thursday that it has reached a new agreement with commodity broker, Glencore International AG, that will see its fees reduced by A$3 million.

• Qantas Airways gained 1.09% despite news that its A$800 million share offer is under subscribed.

• Mayne Group lost 0.57% after stating on Friday that it is reconsidering bids for its Loomis Transportation unit, and if the unit's acquisition is not wrapped up by October 31st, it will table its break up to shareholders in December.

• BHP Billiton gained 3.65% after announcing on Friday that it is talks to acquire a stake in a US$2 billion Aluminum smelter in Malaysia.

   

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WEEKLY AUSTRALIAN STOCK EXCHANGE (ASX)
ANALYSIS & SUMMARY - SATURDAY EDITION

MARKET SUMMARY FOR FRIDAY SEPTEMBER 27TH. 2002

AORD: 2965.60 = +19.80

S&P/ASX200: 3008.90 = +20.20

MOST ACTIVE STOCKS & SECTORS

The Australian market closed higher on Friday. Over the week, the AORD lost 61.60 points, while the S&P/ASX lost 64.7 points. Gainers Included: ABC Learning Centres Ltd, Adcorp Australia Ltd, AJ Lucas Group Ltd, AMP Ltd, Ansell Ltd, Aristocrat Leisure Ltd, Australian Pharmaceutical Industries Ltd, Australia Pipeline Ltd, AWB Ltd, Bendigo Bank Ltd, BHP Billiton Ltd, BHP Steel Ltd, Brambles Industries Ltd, Brickworks Ltd, Burns Philp & Co, Caprall Aluminum Ltd, Cellestis Ltd, Central Kalgoorlie Gold Mines Ltd, Coca Cola Amatil Ltd, Coclear Ltd, Coles Myer Ltd, Collection House Ltd, Crane Group Ltd, Cranswick Premium Wines Ltd, CSL Ltd, David Jones Ltd, Fleetwoood Corp, Flight Centre Ltd, Gantel Retail Trust, Gunns Ltd, GWA International Ltd, Healthscope Ltd, Hills Motorway Ltd, Iluka Resources Ltd, Imugene Ltd, Iress Market Ltd, James Hardie Ltd, Joe White Malting Ltd, John Fairfax Holdings Ltd, Macquarie Bank Ltd, McPhersons Ltd, Metcash Trading Ltd, MIA Group Ltd, MIM Holdings Ltd, Mirvac Ltd, News Corp, Onesteel Ltd, Paperlinx Ltd, Perpetual Trustees Australia Ltd, Prime television Ltd, Publishing & Broadcasting Ltd. (PBL), Qantas Airways Ltd, QBE Insurance Ltd, Rio Tinto Ltd, Roc Oil Company Ltd, Rural Press Ltd, Santos Ltd, Sigma Company Ltd, SingTel Ltd, Smorgon Steel Ltd, Suncor Metway Ltd, Tab Ltd, Tabcorp Ltd, Television & Media Services, Telstra Ltd, Wattyl Ltd, Wesfarmers Ltd, Westfield America Trust Ltd, Westfield Holdings Ltd, Westfield Trust Ltd, Woolworths Ltd, and Zimbabwe Platinum Mines Ltd.

MAIN REASONS FOR ACTIVITY

• News Corp gained 1.21% and led media shares higher on news that it is about to seal the acquisition of Vivendi-Universal's Italian-Pay TV company, Telepiu, at a bottom basement price.

• Oil shares gained after Brent crude rallied in New York - it ended up closing above the US$29/barrel mark.

• Commodities and metals prices gained as Gold and Platinum prices rose.

• Rio Tinto gained 2.16% after the Australian government ruled that its Ranger Uranium Mine near kakadu National Park didn't violate environmental laws, nor destroy the environment.

• Suncor Metway gained 0.25% on Friday and closed the week higher after its CEO, Steve Jones, stepped on Monday so that a new CEO could be found. Chris Shilton, the CFO, is the interim CEO.

• AMP gained 0.65% after announcing on Thursday plans to to raise capital for more propping up of its UK unit, Pearl Insurance, by deciding to underwrite its dividend reinvestment plans for the next 18 months.

• Cranswick Premium Wines gained 9.09% after its board and that of Evans & Tate reiterated their intentions to merge on Friday, but under a revised plan. Evans & Tate closed unchanged.

• Coles Myer gained 2.78% on Friday, and closed the week higher after announcing on Monday that, Warren Flick, who as COO of the Merchandise & Apparel, led the division's turn around, will be leaving the company at the end of year 2002.

• Westpac Banking lost 1.92% after announcing Thursday that it will take a A$70 million restructuring charge for the year ending September, and will also see an accounting changes write down of A$110 million. On the upside, Westpac expects the sell of its AGC unit to net at least A$750 million.

• Smorgon Steel gained 1.71% on Friday and closed the week higher after announcing on Monday that it is paying less than A$10 million to acquire privately held steel reinforcing company, Albion Steel.

• Copper and Gold miner, Selwyn Mines Ltd, closed unchanged despite stating on Thursday that it has reached a new agreement with commodity broker, Glencore International AG, that will see its fees reduced by A$3 million.

• Qantas Airways gained 1.09% despite news that its A$800 million share offer is under subscribed.

• Mayne Group lost 0.57% after stating on Friday that it is reconsidering bids for its Loomis Transportation unit, and if the unit's acquisition is not wrapped up by October 31st, it will table its break up to shareholders in December.

• BHP Billiton gained 3.65% after announcing on Friday that it is talks to acquire a stake in a US$2 billion Aluminum smelter in Malaysia.

   

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MARKET SUMMARY FOR FRIDAY SEPTEMBER 20TH. 2002

AORD: 3027.20 = -16.90

S&P/ASX200: 3073.60 = -17.10

MOST ACTIVE STOCKS & SECTORS

The Australian market closed lower on Friday. Over the week, the AORD lost 52.80 points, while the S&P/ASX lost 57.0 points. Gainers Included: Adelaide Bank Ltd, Alintagas Ltd, Amalgamated Holdings Ltd, Ambri Ltd, Amrad Corporation, AngloGold Ltd, Astral Mining Ltd, Australian Gas Light Company Ltd, AV Jennings Homes Ltd, AWB Ltd, Bank of Western Australia Ltd. (Bankwest), BHP Billiton Ltd, Bligh Oil & Minerals Ltd, Bunnings Warehouse Property Trust Ltd, CMI Ltd, Coles Myer Ltd, Collection House Ltd, Colorado Group Ltd, Computershare Ltd, Count Financial, Corporate Express Australia Ltd, Eastland Petroleum Ltd, Emperor Mines Ltd, Evans Tate Ltd, Foodland Associated Ltd, Genetic Technology Ltd, Goldstream Ltd, GWA International Ltd, Hills Motorway Ltd, Iluka Resources Ltd, Intellect Holdings Ltd, Iress Market Ltd, James Fielding Ltd, Jubilee Mines Ltd, Lihir Gold Ltd, McConnell Dowell Corp. Ltd, McGuigan Simeon Wines Ltd, McPhersons Ltd, Millers Retail Ltd, Mirvac Ltd, Monadel Phous Ltd, MYOB Ltd, National Foods Ltd, Newcrest Mining Ltd, Orica Ltd, Oxiana Resources, Pan Pharmaceuticals Ltd, Perpetual Trustees Australia Ltd, Portman Mining Ltd, Ridley Corp, Roc Oil Company Ltd, Roma Petroleum Ltd, SingTel Ltd, Skilled Engineering Ltd, Sons of Gwalia Ltd, Southern Cross Broadcasting Ltd, SPC Ardmona Ltd, St George Bank Ltd, Sydney Aquarium Ltd, Telecom of New Zealand Ltd, Troy Resources Ltd, Wesfarmers Ltd, Westfield America Trust Ltd, Westfield Trust Ltd, and Westpac Banking Ltd.

MAIN REASONS FOR ACTIVITY

• Australia's Leading Economic Indicator rose 0.1% in July, while the Coincident Index rose 0.1%.

• Rio Tinto lost 0.64% after Morgan Stanley Dean Witter downgraded it to an "equal weight".

• Oil shares gained after OPEC decided to leave its production quarter unchanged, despite increased tensions between the US and Iraq.

• Seven Networks lost 2.39% despite announcing plans to buyback about 26 million of its shares, or 10% of float.

• Coles Myer gained 1.92% after fund manager, Maple-Brow Abbott, announced on Thursday that it now owns a 5% stake in the company. Investors are optimistic that a respected name like Maple-Brow will bring back investor confidence in Coles Myer, which has seen its shares plummet due to boardroom control squabbles.

• Mirvac gained 0.24% on Friday, despite Wednesday's suggestion by the board of Colonial First State Property Trust Group to unitholders that they should, on September 30th, accept the bid from Gantel and Commonwealth Property Office Fund.

• AMP closed unchanged after announcing plans to infuse £500 million to its UK based Pearl Insurance unit, so as to shore it up till December.

• BHP Billiton gained 0.55% after announcing plans to sell a large US Zinc deposit so as to focus more on its core projects.

• Gold shares gained as investors went after safer havens as the US-Iraq war talk continues.

• Aristocrat Leisure lost 3.05% on investor concerns it might not meet its US targets.

• Foodland Associated gained 1.68% after reporting Thursday full year net profit that almost doubled to A$102.4 million, as sales rose 28% to A$4.64 billion - thanks to the growth of its Supermarket chains (through acquisitions), from 95 to 224 within a year!

• Portman Mining gained 0.81% after the company released a statement on Thursday saying its board decided "not to pursue matters further" in its acquisition attempts for Mount Gibson Iron. Mount Gibson Iron, which have been rising lately due to the speculation, lost 2.63%.

• AFTER CLOSE: Kerry Packer's Publishing & Broadcasting (PBL), which lost 1.80% in regular trading, announced at the close on Friday some major shake up in top management at its Nine Network

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MARKET SUMMARY FOR FRIDAY SEPTEMBER 13TH. 2002

AORD: 3080.00 = -10.90

S&P/ASX200: 3130.60 = -11.50

MOST ACTIVE STOCKS & SECTORS

The Australian market closed lower on Friday. Over the week, the AORD gained 37.90 points, while the S&P/ASX gained 41.1 points. Gainers Included: Abigroup Ltd, Adelaide Bank Ltd, AGL Ltd, Alesco Corp. Ltd, Alintagas Ltd, Anaconda Nickel Ltd, AngloGold Ltd, ANZ Banking Group Ltd, ARB Corp, Argo Investments Ltd, AurionGold Ltd, Austral Ltd, Australian Food & Fibre Ltd, Australian Gas Light Company Ltd, Australian Pharmaceutical Industries Ltd, Bank of Western Australia Ltd. (Bankwest), Billabong International Ltd, Bisan Ltd, Brambles Industries Ltd, Brazin Ltd, BreakFree Ltd, Bristile Ltd, Burns Philp & Co. Ltd, Capral Aluminum Ltd, Cellestis Ltd, Cellnet Telecommunications Ltd, Central Equity Ltd, Central Kalgoorlie Gold Mines Ltd, Challenger International Ltd, Chemeq Ltd, Cocklear Ltd, Colonial First State Property Trust Group Ltd, Colorado Group Ltd, Corporate Express Australia Ltd, Coventry Group Ltd, Cranswick Wines Ltd, Croesus Mining NL, CSL Ltd, Data & Commerce Ltd, DCA Group Ltd, Equigold Ltd, E*Trade Group Australia Ltd, Fantastic Furniture Ltd, Fleetwood Corp, Foodland Associated Ltd, Freedom Group Ltd, Futuris Ltd, General Property Trust Ltd, Goldstream Ltd, Goodman Fielder Ltd, Gowing Brothers Ltd, Graincorp Ltd, GRD NL, G.U.D. Holdings Ltd, Gunns Ltd, Henry Walker Eltin Group Ltd, Hi-Tech Energy Ltd, Intec Ltd, Iress Market Ltd, Isis Communications Ltd, Jumbo Corp Ltd, Jupiters Ltd, Kingsgate Consolidated NL, Lend Lease Ltd, Lihir Gold Ltd, Macquarie Airports Ltd, MacQuarie Leisure Trust Ltd, Mayne Group Ltd, McConnell Dowell Corp. Ltd, McGuigan Simeon Wines Ltd, Millers Retail Ltd, Milnes Holdings Ltd, Milton Corp. Ltd, Monteray Group Ltd, National Australia Bank Ltd, National Foods Ltd, Newcrest Mining Ltd, Novus Petroleum Ltd, Nufarm Ltd, Panbio Ltd, Portman Ltd, QBE Insurance Ltd, Ramsey Health Care Ltd, Rebel Sport Ltd, Ridley Corp, Select Harvest Ltd, SFE Corp, Sigma Company Ltd, Sonic Healthcare Ltd, Sons of Gwalia Ltd, Soul Pattison Ltd, Southcorp Ltd, Spotless Group Ltd, Suncorp-Metway Ltd, Sydney Aquarium Ltd, Tab Ltd, Tabcorp Holdings Ltd, Ten Networks Holdings Ltd, Thin Tech Ltd, Troy Resources Ltd, United Group Ltd, VeCommerce Ltd, Ventracor Ltd, Vitrotec International Ltd, Volante Group Ltd, and Westpac Banking Ltd.

MAIN REASONS FOR ACTIVITY

• Australia's Unemployment Rate held steady at 6.2% in August.

• Australia's Trade Deficit improved in July to A$643 million - thanks to a robust export sector.

• Australia's Gross Domestic Product (GDP) rose 0.6% in Q2, and an over the year growth of 3.8%.

• Australia's Consumer Price Index (CPI) rose 0.7% in Q2, and 2.8% over the year.

• The Westpac/Melbourne Institute (Australia's) Consumer Sentiment Index improved 2.9 points, or 2.7%, in September to 108.5.

• Media shares were generally lower after Communications Minister, Richard Alston, stated on Friday that he expects little opposition to the media law reforms that will lift bans on cross media ownership, and the limits set on foreign ownerships.

• ERG lost 6.12% after reporting on Thursday full year losses of A$243.9 million, and expects another loss this year.

• Gold shares gained as investors went after safer havens after US President George W. Bush's Thursday UN Speech on Iraq increased further the chances of war.

• IPO Today: BreakFree, a tourism and property company, closed 34% above its offering price.

• The Australian Dollar closed the week lower, but held on to most of its gains against the US Dollar this week.

• Billabong International gained 2.84% after its New Zealand based rival, Quicksilver, reported strong Q3 earnings, due to strong sales in the US.

• Colonial First State Property gained 1.66% after Gandel Retail Trust and Commonwealth Property Office Fund raised their tender offer for the company so as to stymie a possible offer from Mirvac. Colonial First also reduced its stake in AurionGold from 15.26% to 14.24%. AurionGold, which is facing a hostile takeover bid from Canada's Placer Dome, gained 3.98% on the news. Commonwealth Property, Gandel Retail Trust, and Mirvac all closed lower on Friday.

• Biota Holdings lost 2.08% after the biotechnology firm reported full year net loss of A$8.6 million, as sales declined 30% to A$9 million.

• Mayne Group gained 0.56% after the Australian Competition and Consumer Commission (ACCC) blocked the planned merger of Australian Pharmaceutical Industries and Sigma Co. Ltd. Australian Pharmaceutical Industries gained 0.64%.

• Harvey Norman lost 1.99% despite reporting full year profits that rose 22%, in line with estimates. Harvey Norman was also selected by Merrill Lynch as one of its favourite stocks - Fantastic Furniture and Wesfarmers were the other 2.

• Anaconda Nickel gained 3.13% after reporting full year net losses of A$960 million, due mostly to sluggish metal prices, and massive write downs (A$555.8 million was written down for its outback mining and processing operations, and A$121.5 million for hedge losses).

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MARKET SUMMARY FOR FRIDAY AUGUST 9TH. 2002

AORD: 3052.80 = +28.60

S&P/ASX200: 3106.80 = +29.70

MOST ACTIVE STOCKS & SECTORS

The Australian market closed higher on Friday. Over the week, the AORD gained 50.0 points, while the S&P/ASX gained 52.9 points. Gainers Included: ANZ Banking Group Ltd, BHP Billiton Ltd, BHP Steel Ltd, Coca Cola Amatil Ltd, Commonwealth Bank Ltd, Deutsche Diversified Trust Ltd, Fosters Group Ltd, Futuris Ltd, Lihir Gold Ltd, Macquarie Bank Ltd, MIM Holdings Ltd, National Australia Bank Ltd, Newcrest Mining Ltd, News Corp, Oil Search Ltd, Qantas Airways Ltd, QBE Insurance Ltd, Recruiters Solutions Ltd, Rio Tinto Ltd, Santos Ltd, St. George Bank Ltd, Telecom New Zealand NL, Telstra Ltd, Transurban Group Ltd, Westfield America Trust Ltd, Westfield Holdings Ltd, and Woodside Petroleum Ltd.

MAIN REASONS FOR ACTIVITY

• Australia's Unemployment Rate in July stood at 6.2%.

• Banking shares gained after the International Monetary Fund (IMF) loan of US$30 billion to brazil lifted banking shares around the world.

• Coles Myer lost 0.17% after announcing on Thursday fiscal Q4 sales that rose 8.6% to A$6.2 billion, which met analysts' expectations.

• Oil shares gained as continuing tensions between the US and Iraq lifted crude oil prices.

• Qantas Airways gained 0.85% on Friday despite meeting with government opposition on its request to lift the government's limits on how much foreign interest can own the national carrier.

• Telecom New Zealand gained 0.95% after reporting on Thursday fiscal Q3 profits that rose to NZ$168 million, which beat analysts' estimates, as revenue rose a weak 0.3%. Telecom New Zealand also announced that its cash flow has increased, and it will use it to pay down debt.

• Westfield America Trust gained 1.51% after announcing on Wednesday first half profits that rose 78% to A$163 million.

• The London Stock Exchange (LSE) closed higher on Friday due to.............Visit our BusinessJeeves UK & Ireland portal to read our summary and analysis of the London Stock Exchange.

• Gold prices closed lower on Friday, after gaining on Thursday.

• Coca Cola Amatil gained 3.70% after reporting on Thursday first half profit that rose to A$94.2 million, which beat analysts' estimates, as sales rose 1.7% to A$1.6 billion. South Korean earnings alone rose 145% for the period.

• Woodside Petroleum gained 0.66% on Friday after on Thursday, North West Shelf LNG won the coveted China gas supply contract valued at A$25 billion. Woodside Petroleum owns 1/6th. (0.16667%) of North West Shelf LNG.

• BHP Billiton gained 3.0% after reporting on Wednesday first half net profit of US$1.93 billion on sales of US$17.78 billion. BHP Billiton also owns 1/6th. (0.16667%) of North West Shelf LNG.

• News Corp. gained 3.46% on the eve of its earnings report next Wednesday. The market expects a big write down.

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MARKET SUMMARY FOR FRIDAY AUGUST 2ND. 2002

AORD: 3002.80 = -21.30

S&P/ASX200: 3053.90 = -23.40

MOST ACTIVE STOCKS & SECTORS

The Australian market closed lower on Friday due to discouraging US economic data. Over the week, the AORD gained 61.7 points, while the S&P/ASX gained 64.4 points. Gainers Included: Ambri Ltd, AMP Diversified Property Trust Ltd, Anglogold Ltd, Angus & Coote Ltd, Ansell Ltd, Aurion Gold, Austereo Group Ltd, Australian Gas Light Co. Ltd, Australian Pipeline Trust Ltd, Autron Ltd, AXA Asia Pacific Holdings Ltd, Bendigo Bank Ltd, Beston Wine Industries Trust Ltd, Blackmores Ltd, Bristile Ltd, Caltex Australia Ltd, Chemeq Ltd, Cochlear Ltd, Collection House Ltd, Corporate Express Ltd, Croesus Mining NL, Diversified Financial Investments Ltd, Energy Developments Ltd, Fleetwood Corp. Ltd, Fosters Group Ltd, Freedom Group Ltd, Futuris Ltd, George Weston Ltd, Goldstream Ltd, Goodman Fielder Ltd, Gradipore Ltd, Greens Food Ltd, Gunns Ltd, Harvey Norman Ltd, Housewares International Ltd, Hutchison Telecommunications Ltd, Investors Group Ltd, IPOH Ltd, Iress Matrket Ltd, Kingsgate Consolidated Ltd, MacArthur Coal Ltd, MacQuarie Goodman Industrial Trust Ltd, MacQuarie Infrastructure Group Ltd, MacQuarie Office Ltd, Mirvac Ltd, National Australia Bank Ltd, Newcrest Mining Ltd, News Corp, Novogen Ltd, Nufarm Ltd, Panbio Ltd, Plaspak Group Ltd, Platinum Capital Ltd, Queeensland Cotton Ltd, Resolute Mining Ltd, ROC Oil Co. Ltd, Santos Ltd, Singapore Telecommunications, Sonic Healthcare Ltd, Sons of Gwalia Ltd, St. George Bank Ltd, Tab Ltd, Tabcorp Holdings Ltd, Telstra Ltd, Wesfarmers Ltd, Westfield Trust Ltd, and Woodside Petroleum Ltd.

MAIN REASONS FOR ACTIVITY

• Australia's Dwelling Unit Building Approvals rose 0.3% in June, well better than the decline economists were expecting.

• Corporate Express gained 5.87% on Friday after reporting first half profits that rose 40% to A$21.38 million, as sales rose to A$362.35 million. Corporate Express also raised its full year profit growth by over 30%.

• Westpac Banking lost 1.31% after stating late Thursday that meeting its earnings target will be rough.

• Macquarie Bank lost 1.17% on Friday, but closed the week higher after its CEO, Allen Moss, stated Wednesday that the banking giant expects fiscal Q1 profit that will beat estimates, and also expects the fiscal full year revenue growth to be strong.

• Gold shares gained as bullion prices rose on dismal US economic data most of the week. The US recovery that everyone was gearing for, now seems to be stuck, as Q2 2002 GDP data, Consumer Confidence, and manufacturing started declining, while the decline in the unemployment rate didn't move lower for the period.

• Westfield Trust gained 0.30% on Friday, but closed the week lower after reporting on Thursday first half net profit that rose 9.7% to A$234.8 million.

• Aurion Gold gained after Canada's Placer Dome sweetened its takeover deal to about A$869 million. Word is that Aurion is still saying no.

• Qantas Airways lost 1.46% on Friday and closed the week lower after its ground staff went on strike Friday. On the upside, analysts think the recent elections in New Zealand are favourable for Qantas to increase stake in Air New Zealand.

• The London Stock Exchange (LSE) closed higher on Friday due to.............Visit our BusinessJeeves UK & Ireland portal to read our summary and analysis of the London Stock Exchange.

• Anglogold gained 0.88% after reporting Wednesday that its first half headline earnings rose 44% A$176 million, as the operating profit rose 31% to A$309 million. Anglogold also cut its hedge book by 2.4 million ounces to 10.5 million ounces.

• AMP lost 1.56% on Friday and closed the week lower after issuing an earnings warning late Monday.

• Rio Tinto lost 4.31% on Friday, and closed the week lower despite announcing a 5-year Iron Ore supply deal with 6 leading Japanese Steel mills.

• Crude oil shares gained as US crude oil prices gained overnight.

• Wesfarmers gained 0.32% on Friday and closed the week higher as analysts expect it to post strong earnings on Tuesday.

• Telstra gained 0.21% on Friday and the week higher after MacQuarie Bank on Monday upgraded it to a "market performer" on grounds that it is a safe haven stock. On Wednesday, Telstra sold 7 offices and raised A$570 million in the process - Standard & Poor's doesn't think the sell will affect the company's credit rating. The sell of the government's remaining stake in the telecommunications got another boost on Sunday July 27th. when Senator Andrew Murray, decided to be a "Democrat in Exile".

• Lend Lease lost 0.60% on Friday, but closed the week higher after announcing on Thursday that it is increasing its stake in the US venture, Lend Lease Rosen Real Estate Securities, from 50% to 74.9%.

• ANOTHER ADDITION: We now have services for Australia, Canada, South Africa, UK & Ireland, and United States. We will continue our qualitative, informative, and useful content policies at all our portals. Thank you for your support.

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MARKET SUMMARY FOR FRIDAY JULY 26TH. 2002

AORD: 2941.10 = -49.50

S&P/ASX200: 2989.50 = -52.90

MOST ACTIVE STOCKS & SECTORS

The Australian market closed lower on Friday to the lowest levels not seen in 10 months. Over the week, the AORD declined 116.9 points, while the S&P/ASX lost 119.7 points. Gainers Included: ABC Learning Centres, Adelaide Bank Ltd, Adelaide Brighton Ltd, AMP Shopping Centres, Angus & Coote Ltd, Ansell Ltd, APN News & Media Ltd, Argosy Ltd, Aristocrat Leisure Ltd, Austereo Group Ltd, Australian Gas Light Co. Ltd, AWB Ltd, AXA Asia Pacific Holdings Ltd, Bank of Queensland Ltd, Bank of Western Australia Ltd (Bankwest), Beyond International Ltd, Blackmores Ltd, Brazin Ltd, Bridgestone Australia Ltd, Bristile Ltd, BRL Hardy, Burswood Ltd, CabCharge Australia Ltd, Catuity Ltd, CDS Technologies Ltd, Circadian Technology Ltd, Coates Hire Ltd, Colonial First State Property Trust Group, Commander Communications Ltd, Computershare Ltd, Cranswick Wines Ltd, Downer EDI Ltd, Emperor Mines Ltd, Energy Developments Ltd, Envestra Ltd, Fosters Group Ltd, Freedom Group Ltd, Futuris Ltd, Gazal Ltd, GRD NL, Gribbles Group Ltd, G.U.D. Holdings Ltd, Hills Industries Ltd, Hills Motorway Ltd, Hunter Hall International Ltd, International Wine Investment Fund Ltd, James Hardie Ltd, Kingsgate Consolidated Ltd, Leighton Holdings Ltd, Lion Nathan Ltd, MacQuarie Goodman Industrial Trust Ltd, Oamps Ltd, Pacific Hydro Ltd, PaperlinX Ltd, Peptech Ltd, Plaspak Group Ltd, Platinum Capital Ltd, PMP Ltd, Polartechnics Ltd, Pro Medicus Ltd, Qantas Airways Ltd, Resmed Ltd, Rural Press Ltd, Schaffer Corp, SFE Corp, Softlaw Corp, Sonic Healthcare Ltd, Southcorp Ltd, Southern Cross Broadcasting Ltd, Spotless Group Ltd, Stargames Ltd, STW Communications Group Ltd, Tab Ltd, Tabcorp Holdings Ltd, United Energy Ltd, United Group Ltd, Village Roadshow Ltd, West Australian Newspapers Holdings Ltd, Western Metals Ltd, and Woodside Petroleum Ltd.

MAIN REASONS FOR ACTIVITY

• Engineering group, Downer EDI gained after stating that its full year net profit will meet estimated at between A$53 million to A$58 million.

• Major Banking and insurance shares closed lower on Friday on solvency concerns.

• Gold prices and shares closed lower on Friday after the US recovered some of its heavier losses seen at the beginning of the week.

• Cochlear lost 11.31% after a US Food & Drug Administration (FDA) study showed that 25% of ear implants recipients in the world develop Meningitis due to the implants.

• Rio Tinto lost 4.15% despite reporting earnings on Thursday that met estimates.

• ERG closed unchanged after the State of New South Wales (NSW) Supreme Court in favour of it against San Diego US-based Cubic Transportation Systems. Cubic was challenging how ERG won the Ticketing project in NSW.

• The London Stock Exchange (LSE) closed higher on Friday due to.............Visit our BusinessJeeves UK & Ireland portal to read our summary and analysis of the London Stock Exchange.

• BHP Billiton lost 1.82% despite reporting announcing that its fiscal Q4 earnings and output are in line with estimates.

• Telstra lost 1.45% on Friday even though the defection of Senator Meg Lees from the Democrats to the Independent brings the Conservative party closer (only 4 non-conservative votes needed) to approve the government's plan to sell its remaining 50.1% stake in Telstra. The Australian government's stake is valued at around A$30 billion.

• Portman Mining lost 11.54% despite assuring the market on Friday that it is comfortable with analysts' full year net profit estimates of between A$25 million to A$28 million.

• Platinum and Crude oil prices rose on Friday.

• ANOTHER ADDITION: We now have services for Australia, Canada, South Africa, UK & Ireland, and United States. We will continue our qualitative, informative, and useful content policies at all our portals. Thank you for your support.

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