Some brokers were surprised at the lack of any real momentum, especially after Wall Street's performance on Friday night when both the Dow Jones and the Nasdaq defied the latest evidence of inflationary pressure and rose. The Dow climbed 165.37 to 10,577.86 and the Nasdaq 96.58 to 3816.82. The bears have no shares. Others said the lack of any real volume in the US was dissuading investors from pushing the local market higher. People are looking for some return of confidence but it will really need something spectacular to trigger a serious run.
People are still very cautious.
Telstra has tumbled 10 per cent and the T2 receipts 15 per cent in the past fortnight. Last week, dealers said rumours were sweeping the market that many of Telstra's institutional investors were unhappy with the performance of Mr Pretty and that they blamed him for a number of unconvincing strategic moves. The market's largest company unveils third quarter results this Thursday. As the country's oil reserves rose to a 10-year high, resources were mixed. Launched in 1993, Earth Sanctuaries now has about 6,500 investors globally and believes it is one of the world's first purely conservation-based companies.