egm a waste of time, page-7

Sleepy start for daze traders
Kevin Andrusiak
December 06, 2005

THERE was little direction to motivate day traders yesterday as the Australian share market struggled to find an upbeat tempo.

The benchmark S&P/ASX 200 index gained added 1.1 points to 4624.6 while traders pushed the All Ordinaries index 3.0 points higher to 4576.8.

National turnover in terms of value was $2.67 billion, below the recent average.

The S&P/ASX 200 December futures contract added 0.2 per cent to 4634.

Market watchers said that despite some reasonable trade through energy and mining stocks, it wasn't enough to develop broad directional movements.

One of the standouts was listed technology group Senetas which moved 9.3 per cent higher to 76.5c. Strong gains on Friday prompted a speeding ticket from the Australian Stock Exchange.

The high-speed network encryption hardware developer and supplier says it can not explain the good price rises, but there are strong market rumours of heavy overseas buying in the stock.

The share price has more than doubled from October levels after the firm declared it would target an increase in annual revenues from $28 million to $250 million within the next three years.

Senetas can claim the US Department of Defence as one of its main customers.

As expected, there was strong movement in the resources sector. Rio Tinto led the charge among miners with exposure to copper production as the price continues to surge.

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