Australian Sharemarket Slips Lower Amid Economic News and Company Reports

The Australian sharemarket experienced a decline on March 2, 1999, as investors digested a vast amount of economic news and company reports. The all-ordinaries index closed 18.3 points lower at 2892.8, with a broad-based fall across nearly all sectors. Market analysts attributed the uncertainty to the lack of direction in market sentiment, with some expressing optimism for the next trading day. Notable stocks that experienced significant changes included ANZ, Westpac, National Australia Bank, and FH Faulding and Co, which dropped 20 cents after posting an 18% increase in first-half net profit.

Key Takeaways:

• The all-ordinaries index fell 18.3 points, closing at 2892.8.
• The decline was spread across almost all sectors, with notable falls among larger stocks.
• ANZ dropped 21 cents to $10.29, while Westpac was down 12 cents to $10.48.
• National Australia Bank fell 20.8 cents to $27.092 after announcing the appointment of former Telstra CEO Frank Blount to its board.
• FH Faulding and Co dropped 20 cents after posting an 18% increase in first-half net profit to $33.55 million.
• Pharmaceutical and healthcare group Bio-research group Biota Holdings rallied 40 cents to $4.85 as it regained ground from last week's plunge prompted by US regulatory rejection of its anti-flu drug.
• Australian Stock Exchange shares made a sharp reversal during trade, finishing up seven cents to $13.50 after falling as low as $12.50.

Statistics:

• 367.93 million shares traded at a value of $908.24 million.
• 458 shares rose, 687 fell, and 424 remained steady.
• The March share price index contract on the Sydney Futures Exchange fell 22 points to 2909.0, a 16.2-point premium to the physical market.
• The all-resources index fell 5.3 points to 961.2.
• BHP was the most traded stock, with an 11 cents fall to $11.79.

Sources:

• Asia Pulse (C) 1999 Asia Pulse Pte Ltd
• COMTEX (http://www.comtexnews.com)