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THIS WEEK IN AUSTRALIA
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EQUITILINK
Week ending April 16, 1999 INVESTMENT MANAGEMENT
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ECONOMIC NEWS
o National Australia Bank's March business survey showed conditions at the
highest level since the monthly survey began in March 1997, consistent with
around 5% GDP growth. The only concern is capacity use continues to rise,
to 81.9% from 80.9% previously.
o Long-term unemployment has fallen to its lowest level in almost three years
according to the Australian Bureau of Statistics March labour force data.
CORPORATE NEWS
o Forsters Brewing Group Ltd. has forecast that its wine club business will
double within three years, as it buys more clubs mainly in Europe.
o News Corporation Ltd's. expansion in television and sports broadcasting in
Europe has been setback because the UK Government has blocked B-Sky-B's $1
Bn takeover of English soccer team Manchester United. This action may limit
B-Sky-B's broadcast rights opportunities.
o Brambles Industries Ltd. has been reporting ongoing positive news. One
major Broking house has commented that in the past, negative concerns have
offered excellent buying opportunities.
o ANZ Banking Group Ltd. broke through its all time highs this week. It is
expected to announce sales of some of its emerging market operations, and a
share buy-back scheme.
MARKETS
o Strong foreign buying of Resource stocks supported the Australian
Stockmarket this week.
o The Australian dollar appreciated following stronger economic data releases
and some improvement in commodity prices.
o Australian bond yields increased slightly this week.
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<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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| % | Current | 1 Week | 1 month | 3 months | 6 months | 1 Year |
| ASX All Ordinaries | 3095 | 3056 +1.3% | 2990 +3.5% | 2809 +10.2% | 2459 +25.9% | 2871 +7.8% |
| ASX All Industrials | 5533 | 5517 +0.3% | 5383 +2.8% | 5039 +9.8% | 4271 +29.5% | 4965 +11.4% |
| ASX All Resources | 1113 | 1038 +7.2% | 1030 +8.1% | 988 +12.7% | 1008 +10.4% | 1194 -6.8% |
| Australian Dollar | 0.6429 | 0.6265 +2.6% | 0.6289 +2.2% | 0.6341 +1.4% | 0.6406 +0.4% | 0.6496 -1.0% |
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OUTLOOK
o Any recovery in commodity prices should support the Australian dollar and
the Stockmarket in the near-term.
o On a fundamental basis, the outlook for the Australian Stockmarket is
positive. The economy continues to show signs of strong growth, and
inflation pressures are benign.
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The discussion of economic and market news is based on information believed to
be accurate, but EquitiLink does not give any warranty in relation to the
accuracy or reliability of such information. That discussion, as well as the
discussion of outlook, which represents the views of EquitiLink, is subject to
change as market and economic events unfold.
