Aust market on the move

The stock market continued to make positive gains today with the all ordinaries closing almost 60 points up on this morning's opening.

The strong performance increased the all ordinaries market capitalisation to $584 billion - which means the market has recovered most gains lost since the December 31 high.

On average, telecommunications stocks rose almost two per cent.

Telstra was up almost 12 cents with news the telecommunications giant is to purchase Australia's second biggest ISP, OzEmail, for around $300 million.

Meanwhile, ecommerce security developer, eSec, listed at two-and-a-half times its 40 cents issue price today, opening at one dollar, before settling back to around 90 cents.

About 40 Internet and related stocks have listed on the ASX since May 1999, while another ten to 20 have already released prospectuses with intentions to list in the first quarter this year.

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David Smedley

PC World
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