Business Services Industry

Australian market performance.

Australasian Business Intelligence, May, 2002

May 23, 2002 (INVESCO Investment Briefing

ABIX via COMTEX) -- The Australian equity market dropped 1.8 in value in April 2002, a weakening of confidence in cyclical recovery being the cause. Bond yields improved and value stocks were favoured over growth stocks. Companies in the finance and utilities sector enjoyed better stock prices, although insurance companies found lessened values a problem. Among resource stocks, BHP Billiton and Rio Tinto faced lowered prices, as did other operators in the materials sector. Tabcorp Holdings typified the positives associated with the entertainment sector, while consumer goods firms found their stock prices weakening. The market is retreating from overconfidence, with profit-taking assisting lowered stock values.

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