Aust stocks open softer =4 Melbourne

AAP General News (Australia)
12-20-1999
Aust stocks open softer =4 Melbourne

Newly listed Melbourne IT was up 55 cents to $7.25 by 1045 AEDT after its spectacular
debut last week.

Computershare, which has acquired a 50 per cent interest in Hong Kong share registry
business Central Registration Hong Kong Ltd for $A38 million, was steady at $7.20.

Resources heavyweight BHP continued to gain ground this morning after reporting a better-than-expected
first half net profit of $1.08 billion on Friday.

BHP shares were up a further 13 cents to $19.73 by 1048 AEDT.

Other resources stocks had eased back after their rally late last week.

Rio Tinto, which reached all-time highs last week on the back of stronger commodity
prices, had fallen 47 cents to $32.00 by 1049 AEDT.

WMC was nine cents lower at $8.38, MIM had eased 2.5 cents to $1.55, North was two
cents lower at $3.63 and Woodside was down six to $11.39.

"The resources prices came off a little bit on Friday night," Mr Gamble said.

"But I think there's probably a little bit of feeling at the moment coming into Y2K
and the risks associated with it, the best thing's to go into resources."

Mr Gamble said the Y2K yitters could well lead to a further resources rally this week,
despite the run easing back this morning.

"I wouldn't be surprised if we see more of that kind of thing this week," he said.

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KEYWORD: AUST STOCKS OPEN 4 MELBOURNE

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