Telestra jitters as shares continue to fall--tied to Japans woesgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
check this out! http://www.smh.com.au/index.html Big time lossES and it's all tied to Japan's BIG TIME PROBLEMS!
-- stockwatcher (firstname.lastname@example.org), August 10, 1999
Looks like it expired.
-- Chuck, a night driver (email@example.com), August 10, 1999.
Article (link OK in Alaska)
[educational purposes, etc]
Tuesday, August 10, 1999
Telstra jitters as share prices continue to fall
By MARK TODD and LAUREN MARTIN
The price of Telstra suffered again yesterday amid the sharemarket's continued recent slide in the face of concern about rising United States interest rates.
And a financial scandal in Japan involving a brokerage firm handling the sale overseas of Telstra 2 shares is placing added pressure on the stock.
The All Ordinaries index closed at 2976.90 yesterday - its lowest point in almost six weeks. Telstra fell 13c to $8.06 and has now lost ground in 12 of the past 14 sessions, pacing a 150-point slide in the market since July 20.
Telstra is facing a flood of new stock from the sale later this year by the Federal Government of the second tranche of shares. The offer price is expectedto be fixed at a discount, removing some incentive for investors to buy on-market.
Demand for the shares may be dealt another blow after the Japanese Financial Supervisory Agency cancelled the Japanese banking licence of Credit Suisse First Boston, one of the sale's global co-ordinators.
The Finance Minister, Mr Fahey, confirmed last night that the Government had engaged a probity adviser to examine any implications the Japanese events might have on the Telstra 2 offer.
The Opposition finance spokesman, Mr Lindsay Tanner, said there was a clear risk that the events would "affect CSFB's ability to maximise international demand for Telstra shares, and thus depress the price and reduce the sale returns to the taxpayer". But the bank denied the Japanese events would compromise its performance selling Telstra
Check the Nikkei today:
"Well, they'll be dead then."
-- Nelson Isada (firstname.lastname@example.org), August 10, 1999.