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General

Midday market wrap: All Ordinaries heads south, AMP steadies

The All Ordinaries drifted 0.44% lower in trading this morning following the trend set on Wall Street overnight. Under-fire AMP at last found some support following recent sharp falls, moving $0.01 higher to $6.78.

Morning wrap market wrap: US shares fall back into the red

Shares on Wall Street finished lower overnight as the likelihood of avoiding war diminished, with Washington suggesting that the destruction of banned missiles was a case of ‘too little too late’ for Iraq.

Wallis turns down $1.6 million AMP retirement allowance

Former AMP chairman Stan Wallis, under fire last week for bringing forward his resignation from the company five months ahead of schedule, today said that he would be refusing a $1.6 million retirement allowance.

HESTA seeking cash plus 3% return on first hedge fund allocation

The $3.6 billion half-million member Health Employees Super Trust Australia (HESTA) is looking for a cash plus 3 per cent return from its first foray into the hedge fund arena with the allocation of 3% of its core pooled fund to two absolute return fund ...

Costello cautions supers against overseas equity investments

Federal Treasurer Peter Costello today said that he believed that it was “unwise” for superannuation funds to be investing large sums in overseas stocks, citing dramatic losses in global equity prices over the past few years.

Commonwealth announces wholesale funds name change

Commonwealth Investment Management (CIM) has completed another step in its migration to the Colonial First State brand, announcing name changes to its suite of wholesale funds.

BT moves to fill small cap analyst gap

BT Funds Management today announced that Glen Hoffman, the company’s small capital analyst, is leaving to be replaced by an as-yet-unnamed “senior analyst” who is likely to be unveiled later this week.

Survey confirms fall in business confidence for February

Rising geo-political tensions and weakening equity markets are increasingly impacting on business investment and employment intentions, as well as current sales.

$16 billion of assets disappear in 12 months: ABS

Total assets held by fund managers have shrunk by $16 billion in the past 12 months, according to the latest managed funds figures released by the Australian Bureau of Statistics (ABS).

Morning wrap market wrap:

The All Ordinaries gained about 0.5% in trading today on the back of good news from the US where the economy had grown twice as fast as had been estimated for the fourth quarter of 2002.