BHP, News Corp sold down; Telstra feels the pinch 15:37, Wednesday, 30 July 2003
Sydney - Wednesday - July 30: (RWE) - Online broker Dealforfree.com says it has seen most of its selling orders today in News Corporation and BHP Billiton. Dealer James Foulsham said: "There has been a reduction in positions, but not a drastic selloff. "Clients reacted to the poor consumer confidence numbers in the US overnight and eased out of companies with big exposures to the American economy." Mr Foulsham noted Telstra was feeling the pinch again today after news Vodafone would reduce its call prices in Australia. "Clients are afraid that a potential price war amongst mobile carriers in Australia will leave the telco giant vulnerable. "A large number of long-term holders of Telstra exited today as a result," he said. Mr Foulsham said today's strong housing data had triggered selling in the banking sector. "Clients see the statistics as reducing the chances of a rate cut in Australia. "Dealforfree.com has seen a reduction of clients holding positions in banking stocks, especially Commonwealth and National Australia Bank, but no significant exit of the sector," he said. The dealer also noted Dealforfree.com clients were bullish on Newcrest. "The strong gold price, coupled with the gold producer posing an excellent takeover target, has motivated many clients to take a position in Newcrest recently," he said. "In the last few days there has been a 300 per cent increase in client exposure to this stock."
- Good info on why the banks are falling, but methinks d4f might be a little exposed on NCM and is encouraging you to balance their book.
