Market Up As Brokers Prepare For Big Week
Illawarra Mercury
Tuesday February 10, 2004
THE Australian share market moved higher yesterday as brokers prepared for a major reporting week from some of the blue chip companies.
The share market opened at its highest point of the day, boosted by a Friday night rally on Wall Street, but lost ground throughout the day.
The benchmark S&P/ASX 200 index closed 14.9 points higher at 3287.1 while the all ordinaries index added 15 points to 3300.
On the Sydney Futures Exchange, the March share price index contract put on 10 points to 3272 - a 25 point discount to the underlying index - on a volume of 7885.
Paterson Ord Minnett senior client adviser Ric Klusman said investors were yesterday readying for an onslaught of reporting in the coming days from companies including News Corp, Telstra, Qantas, Coles Myer and the Commonwealth Bank of Australia.
``Overall it's a reasonably quiet day, with Australian institutions sitting back asking their analysts to go and do their homework," Mr Klusman said.
He said the market was also waiting for an address by US Federal Reserve chairman Alan Greenspan tomorrow.
Market heavyweight News Corp yesterday moved up 14 to $11.87 while its preferred scrip added 11 to $10.39, ahead of its second quarter earnings result this Thursday.
Fairfax was also higher, gaining 8 to $3.64.
The banking and resource sectors helped to lift the market yesterday, with heavyweights in both sectors stronger by the close.
Mining giant BHP Billiton firmed by 7 to $11.48.
© 2004 Illawarra Mercury