Australian Internet stocks powered
ahead Monday morning, taking its lead from the
Nasdaq’s 4.19% jump to 4446.44 Friday. Investors
bought franticly trying to ride the torrent of
positive sentiment generated by the US’ technology
Internet stocks lead the Nasdaq Friday and it was
Internet stocks making the biggest gains on the ASX Monday morning. A
number of companies appear to have been holding back
announcements, biding their time for Monday’s fair
(DNI), surged 9.29% to $1.53 on the back of an Aus $10
million order for 50 of its high-speed scanners. The
$10 million sale is equivalent of almost 20% of
expected revenues for 2000 said the company.
Western Australia’s Gippsland
Limited (GIP) jumped 15.38% to 60 cents by midday.
Gippsland’s wholly owned subsidiary WiredCity has
signed an alliance with MCI Worldcomm
subsidiary, UUNET. UUNET will
provide WiredCity with an as yet unspecified amount of
bandwidth. WiredCity is hoping to offer broadband
Internet to its customers using ADSL technology.
Still on DSL, Pilbara Mines screamed back onto the
leaders board Monday morning. Pilbara was hammered
last week as investors deserted anything technology
related, but at midday it was up 24.14% at $5.40.
Pilbara’s fortunes seem no inextricably linked to
those of the Internet/technology sector due to its
investment in aspiring broadband provider Request DSL.
IHG (IHY) jumped
11.58% to 53 cents after announcing the progress of US
subsidiary SmartAmerica. The developer of intelligent
home technology traded as low as 38.5 cents last week.
Intergrated IT services provider IT & e (ITE)
announced the complete acquisition of Sydney based
network integrator, The Missing Link Computer
Solutions. At midday IT & e was up 2.7% at $1.15.
Clinical computing company, Health Communication
Network (HCN) was flat at midday despite
announcing the acquisition of Mediboss, a
gastroenterology software supplier. No financial
details of the acquisition were disclosed.
Australian born search and directory giant, Looksmart (LOK)
floundered in early trade. The company’s US listed
dropped 2.18% Friday despite the general recovery of
Internet stocks. Looksmart announced Excite has selected
BT Looksmart to provide some directory services to Excite UK and Excite
Netherlands. At midday Looksmart was down 4.42% at
Nexus Minerals (NEX) and Minerals Corp. (MSC) were
suspended from trade Monday morning. Both companies
have made technology investments are suspended pending
announcements. Minerals Corp.’s suspension came after
it surged 20.83% to 29 cents.
Online (GPO) announced it paid Aus $500,000 for a
51% stake in environmental technology company Spunboa
Monday. Spunboa, to be renamed Zeftec, focuses on
industrial waste treatment. GPS Online was up 2.5% to
41 cents at midday.