AUSTRALIA - 'Signals Glitch' at Australian Stock Exchange, Updating Problems : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread

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Story Filed: Monday, May 01, 2000 9:17 PM EST

SYDNEY, May 02, 2000 (AsiaPulse via COMTEX) -- Major shares opened higher on the Australian sharemarket this morning with with gains on Wall Street overnight inspiring confidence among local investors.

However, due to a problems at the Australian Stock exchange, key indices such as the all ordinaries were not updating as of 1021 AEST.

A spokesman for the ASX said the failure was due to a "signals glitch" at the ASX, not because of problems with the indices or with Standard & Poor's, which now manages the indices.

He added that technicians were trying to rectify the problem, but could not specify when the indices would begin trading.

On the Sydney Futures Exchange, the June share price index contract gained 11.0 points to 3125.0 on turnover of 909 contracts.

Media heavyweight News Corp, which opened higher, went into negative territory by 1028 AEST, losing 14 cents to $22.00.

Its preferred scrip also lost 18.2 cents to $18.90.

The stock posted strong gains yesterday with analysts saying News Corp was being helped by the lower Australian dollar, as the group gets most of its earnings offshore.

Kerry Packer's Publishing and Broadcasting was steady at $13.00, Fairfax lost eight cents to $4.90 and Seven added five cents to $5.95 at 1030 AEST.

In the telcos sector, Telstra was steady at $7.35 and its instalment receipts fell three cents to $4.37 at 1033 AEST.

Cable and Wireless Optus gained six cents or $1.08 per cent to $5.63 and AAPT jumped 20 cents or 2.78 to $7.40.

Davnet gained twelve cents to $2.27 at 1036 AEST.

The local tech sector was mixed, despite the gains on Nasdaq overnight, with Solution 6 Holdings gaining 15 cents to $4.60 and merger partner Sausage Software adding seven cents to $2.65.

Solution 6's $150 million takeover bid for US-based Elite Information Group Inc hit another obstacle yesterday with the US Federal Trade Commission's (FTC) Bureau of Competition intending to recommend the move as anti-competitive.

BMC Media sank by eleven cents or 5.91 per cent to $1.75 and eisa lost four cents to $1.05.

Ecorp gained 14 cents to $3.03.

In the banking sector, NAB added 31.9 cents to $23.81 at 1042 AEST.

(C) 2000 Asia Pulse Pte Ltd INDUSTRY KEYWORD: Financial Markets

Copyright ) 2000, Asia Pulse, all rights reserved.


-- (, May 02, 2000

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