WMC spin-offs up
[BB] MELBOURNE – Shares in WMC Resources Ltd and Alumina Ltd, the spin-off companies from former resource giant WMC Ltd, hit record highs yesterday with a combined price well above the $10. 20 takeover bid which sparked the split.
WMC Resources has rallied on the back of booming nickel prices, the group closing yesterday ahead 21c, or more than four per cent, at $4.93.
That is 45 per cent more than its initial listing price of $3.40 on December 3, 2002.
SYDNEY – Shares in M2 motorway operator Hills Motorway Group put on 2.4 per cent yesterday as brokers warmed to strong monthly traffic figures and predicted earnings growth in the future.
The thinly-traded securities rose 15c to close at $6.31, off an intraday high of $6.37.
On Tuesday, Hills said average daily traffic on its M2 motorway in Sydney grew 7.4 per cent to 66,661 trips a day in September, despite hitting motorists with a 15 per cent toll increase in July.
TAB action settled
SYDNEY – Payment technology maker Keycorp Ltd has settled a legal action with TAB Ltd over faulty parts in NSW betting machines, but financial details were kept secret.
Keycorp said both parties signed a “formal agreement on the terms of settlement of the dispute”, which had led NSW- based TAB to launch an action two months ago claiming damages of at least $6 million.
Charity card focus
SYDNEY – St George Bank Ltd has launched its first charity-focused credit card, in the hope that Australian generosity will help lift its share of the market.
The new Australian Spirit MasterCard charges customers a middle-of-the-road 14.99 per cent interest and $55 a year, with an interest- free period of up to 55 days.
St George, Australia’s fifth- largest bank by market value, promises to donate 0.4 per cent of every dollar spent on the card – or 40c in every $100 – to a charity, school or community organisation chosen by the customer.
This story Administrator ready to work first appeared on Nanjing Night Net.