ASX Tuesday Market Wrap: Good news in the tech sector - News

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This story was printed from ZDNet Australia.
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ASX Tuesday Market Wrap: Good news in the tech sector

October 13, 2000
URL: http://www.zdnet.com.au/news/soa/ASX-Tuesday-Market-Wrap-Good-news-in-the-tech-sector-/0,139023165,120105380,00.htm

Internet and technology stocks were mainly firmer today, following in the footsteps of US counterparts. However, the local sharemarket still finished slightly lower.

LibertyOne (LIB) announced today that it had received word from CyberSentry that as it is unable to receive board approval for its offer for LibertyOne, consequently it cannot proceed with the terms of the offer -- an offer which LibertyOne says it has yet to receive. Crossed wires aside, LibertyOne was steadily trading down 2.22 percent at 22 cents in afternoon trade.

Cable & Wireless Optus (CWO) announced that it has joined Internet telephony carrier ITXC Corp to further the Optus network rollout onto its Voice over Internet Protocol (VoIP) network. CWO claims the partnership will allow it to increase the reach of its worldwide network ahead of other Asia-pacific telecommunications carriers. The second in command local telco was steadily trading at AU$4.92.

Channel E (CEL) dropped 5.3 percent on the back of My Money Group announcing it will make a takeover bid for the company. The combined entity would have a market capitalisation of about AU$25 million and more than 100 employees.

E*Trade (ETR) announced the launch of "Visitor Trade", the first fully automated platform that caters for infrequent investors who require an easy-to-use service for immediate sale of issuer sponsored stock. The feature allows any Australian or New Zealand shareowner to sell issuer-sponsored ASX stock without opening a brokerage account and without having to transfer stock to broker sponsorship. Shares in the online broker were up 1.2 percent and trading at AU$2.42.

ecorp (ECP) continued to rise following yesterday's news it had agreed to a joint venture with a Hong Kong-based consortium to launch a Ticketek operation in Hong Kong. Shares were trading 5.6 percent higher at AU$2.83.

Shares in software house Solution 6 (SOL) also drifted 6.3 percent higher to trade at AU$3.37.