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THIS WEEK IN AUSTRALIA
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Week ending April 9, 1999 EQUITILINK
INVESTMENT MANAGEMENT
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ECONOMIC NEWS
o "Our Economy Still Shining", The Sydney Morning Herald, Thursday April 8,
1999, page 23.
o The National Australia Bank business conditions index remained at very
strong levels in the March quarter, suggesting annual non-farm GDP growth
would hold around 4.5%.
o Employment fell slightly in March after a strong rise in February. Despite
this, the unemployment rate remained steady at 7.4%.
o Building Approvals increased by 5.1% in seasonally adjusted terms in
February.
o The February goods and services trade deficit was above market expectations
at A$1.517 Bn seasonally adjusted. o Retail trade fell slightly in February
seasonally adjusted, but was better than expected.
CORPORATE NEWS
o Brambles Industries Ltd. has been given a strong "BUY" recommendation from
a leading Australian stockbroker. While increased competition in the Chep
pallet rental business may lead to some deterioration of margins, the
stockbroker considers this inconsequential.
o ANZ Banking Group Ltd. is reported to have entered talks with the leading
Australian online broking firm E*Trade Australian Group with the aim to
forge an alliance allowing ANZ to take advantage of the Internet boom.
o Lend Lease Corporation Ltd. announced a 2.7 million share buy-back.
o Telstra Corporation Ltd.'s further privitisation is still being considered
in Parliament.
o News Corporation Ltd. rallied strongly after Liberty Media Group, the cable
TV programming company, announced that it will acquire an 8% stake in News
valued at about $2.1 Bn.
MARKETS
o The Australian stockmarket rallied this week, with the ASX All Ordinaries
Index closing above 3000.
o The Australian dollar depreciated due to the weaker employment figures and
some softness in commodity prices.
o Australian bonds yields declined along with US treasury yields.
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<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 | 3065 | 2973 +3.1% | 2930 +4.6% | 2856 +7.3% | 2503 +22.5% | 2814 +8.9% |
| ASX All Industrials | 5517 | 5347 +3.2% | 5303 +4.0% | 5173 +6.6% | 4346 +26.9% | 4852 +13.7% |
| ASX All Resources | 1038 | 1034 +0.4% | 979 +6.0% | 951 +9.1% | 1027 +1.1% | 1183 -12.3% |
| Australian Dollar | 0.6265 | 0.6344 -1.2% | 0.6316 -0.8% | 0.6338 -1.2% | 0.6143 +2.0% | 0.6623 -5.4% |
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OUTLOOK
o The Australian dollar is expected to be supported by stronger global
industrial production, which should also see resource stock prices
increase.
o As the Australian economy continues to grow strongly, with low inflation,
the economic fundamentals for the Australian stockmarket remain positive.
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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.
