who is doing the buying, page-6

safety syringe draws the speculators Safety syringe draws the speculators
By Scott Rochfort
April 23 2003




Eastland's safe syringes have impressed.


One of the sharemarket's most esoteric sectors, safety syringes, again caught the attention of investors yesterday, after the Perth minnow Eastland Medical Systems gained the distinction of being the Australian Stock Exchange's most-traded and best performing stock.

Eastland's announcement that it had developed a means to halve the cost of making needles used in syringes helped its share price soar 23c to 53c, with 15.3 million of its shares being traded.

With the company recently acquiring Australia's only remaining syringe needle maker, Portland, for an estimated $2 million, Eastland's managing director Don O'Sullivan said the cheaper needle-making technique was discovered by accident when the group was finding a means to develop its patented safety syringe.

The news is also seen as a shot in the arm for the company's chances to win the $27.4 million Federal Government tender to develop an affordable safety syringe to reduce the incidence of needle-stick injuries among medical personnel.

Over the past week East-land's market capitalisation has more than doubled - to $47 million. Its performance has shadowed that of the former mineral exploration investment company-cum-syringe developer Unitract, whose shares have tripled in little over two months.


Unitract shares rose 18c to $2.78 yesterday, well up from April 8 when the company received a "speeding ticket" from the ASX after its shares climbed from $1.59 to $1.81 in two days. Unitract pointed the finger at speculative retail investors.

Another company to benefit from recent frenetic day-trading activity is Clover Corp, whose shares yesterday hit a three-year high of 51c before closing 5c higher at 50c.

Amid rumours Clover is set to secure several contracts in Europe for its Omega-3 fatty-acid powder - which can be added to foods ranging from eggs, yoghurt and bread to baby formula - the company's share price has doubled in less than four weeks although no new deals have been announced.

"The market has just recognised the importance of Omega- 3 in one's diet," Clover chairman Peter Robinson said.

Willmott Forests was another conspicuous small-cap yesterday, with shares in the forestry investment and pine growing company rising 12c, or 20 per cent, to 71c after it bought the Bombala saw-miller and timber retailer, Prime Pine.