Aust stocks lose early gains on NAB result = 2 Brisbane

AAP General News (Australia)
11-04-1999
Aust stocks lose early gains on NAB result = 2 Brisbane

Wilson HTM stockbroker Joseph Pagliaro said the NAB result was right on line with expectations.

"There must have been some short-term expectations that result would be a fair bit
better than it was," he said.

He said the "late-mail" was expecting better and therefore it had come back a bit.

"It's probably not really justified ... the results are good."

Other major movers on the market included BHP which at 1224 AEDT was up 33 cents to $16.43.

Mr Pagliaro said WMC was also performing strongly on top of a rise in the nickel price
last night.

WMC shares were up 22 cents at $6.98.

Internet media company LibertyOne announced this morning that chief executive Warren
Lee had resigned and that its merger talks were off.

Shares in LibertyOne were at $1.62, down 40 cents, but up on an intra-day low of $1.30.

Of the other banks Commonwealth was down 21 cents to $$26.49, ANZ was down 13 cents
to $11.07 and Westpac was down eight cents to $10.32.

MacQuarie Bank continued its slide of yesterday and was down 12 cents to $22.73 while
Queensland-based allfinanz group Suncorp metway was up four cents $8.24.

ANZ yesterday announced a $500 million share buyback scheme and booked a 34 per cent
increase in net profit for 1998/99.

In the insurance sector the GIO shares were hit sharply by news this morning that a
new scheme of arrangement had been devised with majority owner AMP to mop up the remaining
minority shareholdings.

AMP shares were up two cents to $15.50 while GIO shareholders continue to suffer with
the stock falling 42 cents to $2.56.

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KEYWORD: AUST STOCKS NOON 2 BRISBANE

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