RealTime IT News

Miners Lead Net Stock Surge

Internet stocks soared Monday following another Nasdaq record close Friday, up 3.37% at 4914.79. Last mile telcos and budding ISPs lead the Australian market.

Pilbara Mining (PIL) gained Aus 22 cents to $1.15 on their Aus $800,000 investment in Request. Pilbara brought networking giant Cisco Systems (CSCO) on board as a preferred supplier last week. "Cisco's xDSL solution uniquely positions Request DSL to provide not only high-speed access at a competitive price, but also facilitates a range of new services with the potential to turn current business models upside down, accelerate telco revenue streams and provide a rich set of capabilities at affordable prices," Cisco Systems Kurt Hansen, said.

Last mile telecommunications carrier, Datafast (DFT) jumped 9% to 48 cents at midday. Datafast announced it will roll out Australia's first commercial Voice over Internet Protocol network (VoIP). Datafast uses technology similar to that of market darling Davnet (DVT). Davnet was up 4.2% at $3.98 at midday.

Imperial Mines (IMP), yet another mining come Internet investor, surged early Monday. Imperial ticked up 1cent or 4.2% after announcing Catcha.com has successfully completed another round of capital raising.

Looksmart (LOK) dipped 17 cents or 3.8% to $4.30 Monday as Australian investors decided to break off their love affair with the dual listed search engine. Looksmart jumped over 3% on the Nasdaq Friday but the stock's lack of liquidity on both sides of the Pacific saw the dark side of arbitraging rear its head.

Online broker E*trade Australia (ETR) moved up 20 cents or 6.31% to $3.30 after some inspiring words from CEO Kerry Roxburgh. E*trade Australia now lays claim to 30% of online trades in Australia and has over 43,000 accounts. E*trade cited it's relationship with ANZ bank as the main contributing factor for its astounding 26% month on month growth in account numbers.

Reckon (RKN) was flat at $1.72 at midday. Reckon holds the license to Intuit Corp.'s Quicken software in Australia and the financial services portal www.quicken.com.au. The market seemed nonplussed by Reckon's 110% growth in sales of financial software and services. However, the company is confident of a windfall when the Goods and Services Tax is implemented in July and a recently announced joint-venture with Singapore Press Holdings has Reckon in pole position to grab revenues from the growing Asian market.

Mobile e-mail provider, Pocketmail (PKT), picked up 2 cents to 55 cents Monday after launching its proprietary devices to market.