Friday, April 28, 2006

Rate rise tests market's nerve

CHINA's decision to raise interest rates spooked investors in the region and sparked a sell-off of resource stocks.
The benchmark S&P/ASX 200 Index dropped 41.4 points, or 0.8 per cent, to 5258.8. Sharemarkets in Tokyo and Hong Kong also took a hit, the Nikkei losing 1.2 per cent and the Hang Seng down 0.5 per cent.
The world's two biggest miners, BHP Billiton and Rio Tinto, suffered most of the damage in the Australian market after the prices of metals such as zinc, nickel and copper fell sharply on the London Metal Exchange overnight.
BHP dropped 98¢, or 3 per cent, to $29.30, closing below $30 for the first time since April 13. Rio fell $2.60, or 3 per cent, to $78.65, its first close below $80 since April 4.
Base metal miners lost even more ground. Zinifex dropped 46¢, or 4 per cent, to $10.35 and Oxiana fell 17¢ to $3.41.
The zinc price hit a record high on Wednesday, taking its rise in the past month to 34 per cent. But China's decision to raise its benchmark one-year interest rate from 5.58 per cent to 5.85 per cent — the first rise since 2004 — triggered a 7.2 per cent fall in the spot price of zinc.
The nickel price fell 5 per cent from a record high while copper dropped 1.6 per cent. Nickel miner Minara Resources fell 18¢, or 7 per cent, to $2.45 and Jubilee Mines shed 20¢, or 2 per cent, to $8.04.
Despite the steep falls, analysts said they believed the sharemarket correction would be short.
"Things have climbed up so much, it's just an excuse to take some profits," said ANZ commodities analyst Andrew Harrington.
Others said China's slight interest-rate hike was unlikely to seriously dampen the high demand for commodities.
"What's driving the pullback is concerns that growth may ease a little in China, but we're still talking about a very high base," said Daiwa Securities analyst Mark Pervan. "It would require a major correction in China to derail this bull market," he said.
He predicted the sharemarket would begin to regain ground within a few days, and therefore represented an opportunity for many investors to buy into mining stocks. "There's a lot of people looking to re-enter for the second time, or who missed the boat the first time around."
The chief analyst at Beijing Antaike Information Development, Wang Feihong, agreed the rate increase was not enough to have a big impact on fixed-asset investment in China.
"Unless we see further curbs, such as on lending in automobiles (and) real estate industries, we should not be really worrying about falling demand for metals," he told Bloomberg.
As investors dumped mining stocks, they switched to more defensive plays. Telstra rallied 6¢ to $3.94, taking its gain for the week to 15¢, or 4 per cent.
Commonwealth Bank rose 53¢, or 1.1 per cent, to $47 and West Australian Newspapers closed 40¢ higher at $8.30.
One of the week's strongest performers was embattled wheat exporter AWB. It jumped 48¢, or 12 per cent, to $4.45.

Thursday, April 27, 2006

Resources take a wary breather

The sharemarket closed weaker yesterday, pushed down by lower prices for resources stocks despite a positive lead from Wall Street on Wednesday night.
The ASX200 closed 27 points lower at 5300.2, after earlier in the day hitting a new high of 5336.6.
The All Ordinaries fell 25.2 to 5246.9 after earlier setting a new record of 5280.
At the end of trading on the Sydney Futures Exchange, the June share price index contract was down 27 points at 5308 on a volume of 13,486.
Bell Potter senior adviser Stuart Smith said the sharemarket slipped as investors became wary of a drop in commodity stocks.
"I think there's a message permeating - to just watch any over-exuberance with the resources stocks," Mr Smith said.
"That's been the message for the last couple of days, to not be complacent that the market is just going to keep piling on points every day, because that's not the reality," he said.
"There's a little bit of caution on the big miners and, hopefully, they'll cool off and present a good buying opportunity in the next couple of weeks or so," Mr Smith said.
Mining group Rio Tinto shed $1.45 to $81.25 after announcing it and Gina Rinehart's Hancock Prospecting had won government approval to develop the $1.3 billion Hope Downs iron ore mine in Western Australia.
Rival BHP Billiton cooled 74c to $30.28.
Alumina was steady at $7.45 as the miner said it expected substantially higher underlying earnings in the first half of 2006.
The bank sector was positive, with the Commonwealth Bank up 2c to $46.90, the NAB 19c stronger at $37.85 and Westpac gaining 17c to $25.10.
ANZ was up 19c to $28.12 after disclosing a $1.81 billion first-half net profit.
In other news, Caltex eased 42c to $19.98 after saying oil prices were not getting any better and that while the cost of petrol had risen, this was not because of increased petrol company profits.
Among the oil producers, Woodside fell 46c to $47.79, Santos lost 3c to dip to $11.99, Oil Search was $4.47, off 4c, and Beach came back from its new record, dropping 3.5c to $1.465.
Optus-parent Singapore Telecom lost 1c to $2.30 while Telstra firmed 6c to $3.88.
Telstra was the most traded stock with 78.77 million shares changing hands for a total value of $304.33 million.
Media was mixed with PBL down 9c to $18.75, News Corp up 10c to $23.94 and its non-voters 4c higher at $22.42. Fairfax waned 5c to $3.94.
Retailer David Jones gave up 4c to $2.75, Coles Myer backtracked 6c to $10.78 and Woolworths shed 25c to $18.73.
Qantas lifted 3c to $3.55 while Virgin Blue dipped 1c to $1.78 after saying it was not about to change its fuel surcharge.
The spot price of gold in Sydney was $US639.70 per fine ounce, up $US7.40 on Wednesday's close.
Newmont lifted 2c to $7.72 and Newcrest 36c to $23.15, but Lihir Gold gave up 3c to $3.24.
Market turnover was 1.47 billion shares worth $5.12 billion with 519 stocks rising, 616 falling and 333 unchanged.

Wednesday, April 26, 2006

Bourse gallops into virgin territory

The Australian sharemarket soared to record heights yesterday, spurred on by a booming banking sector while ignoring a fall on Wall Street overnight.

The ASX200 closed 57.4 points higher at 5327.2, beating the previous record of 5283.9 set on April 19. It also hit a fresh intra-day high of 5335.3.

The All Ordinaries index shot into new territory with a gain of 54.4 points to 5272.1, surpassing the previous record of 5233.2, also set on April 19, as well as posting a new intra-day high of 5277.9.

At the end of trading on the Sydney Futures Exchange, the June share price index contract gained 57 points to 5335 on a volume of 19,470.

A senior client adviser at Austock Brokers, Michael Heffernan, said the consumer price index rise of 0.9 per cent in the March quarter helped the financial institutions and showed the economy could adjust to different global pressures.

"The CPI figure was probably at the higher end of the scale but it showed the economy can manage to adjust to all the different gyrations going on around the world and still deliver a soundly growing economy with reasonably low inflation," Mr Heffernan said.

National Australia Bank led the way with an improvement of 67c, or 1.8 per cent, to $37.66, followed by Westpac, up 33c to $24.93. The Commonwealth grew 49c to $46.88 and ANZ 25c to $27.93.

BHP Billiton, with third-quarter iron production down 5 per cent following the series of cyclones that lashed Western Australia, managed a 1c rise to $31.02. Rio Tinto picked up 15c to $82.70.

In the energy stocks, Woodside gained 24c to $48.25, Beach hit a new high of $1.50, up 3c, as did its associate, Steve Koroknay's ambitious Anzon, up 4c at $1.45.

Alinta and The Australian Gas Light Co both surged after signing a binding agreement to merge their respective infrastructure businesses. Alinta put on 66c to $11.67 while AGL climbed 73c to $19.19.

The media sector was mostly higher, with News Corp up 10c to $23.84 and its non-voting scrip 12c stronger at $22.38.

Fairfax advanced 7c to $3.99 but Publishing & Broadcasting slipped 1c to $18.84.

Telstra, the most traded stock with 59.94 million shares changing hands for a total value of $228 million, improved 6c to $3.82. Optus owner Singapore Telecom firmed 1c to $2.31.

The price of gold in Sydney was $US632.30 per fine ounce, down $US1.95 on Monday's local close.

Among goldminers, Newcrest was 77c richer at $22.79, Newmont rose 6c to $7.70 and Lihir Gold was up 12c at $3.27.

Retailers improved despite petrol breaking through $1.40 per litre yesterday.

Coles Myer rose 10c to $10.84 and rival supermarket chain Woolworths lifted 18c to $18.98.

Harvey Norman put on 10c to $3.83.

On Wall Street on Tuesday, stocks had ended lower amid fears of rising interest rates, a sell-off in the energy sector including Exxon and a drop in the shares of Caterpillar.

Monday, April 24, 2006

Metal price recovery buoys local miners

The sharemarket closed stronger yesterday, pushed higher by commodities and precious metals stocks.
The ASX 200 gained 19.7 points to 5269.8, while the All Ordinaries rose 18.6 to 5217.7.
"There was certainly buoyancy in the metals market over Friday night with some stellar runs in a lot of the metal prices and this followed through to a couple of momentous performances in our resources sector today," Macquarie Equities adviser Helen Spencer said.
"In particular, there were some strong performances from Rio Tinto and BHP, which surged ahead, helping to push our market higher."
BHP Billiton climbed 91c to $31.01 while Rio Tinto rallied $1.75 to $82.55.
Energy stocks continued to rise after the price of oil climbed above $US75 a barrel for the first time on Friday night.
Woodside rose 11c to $48.01, Santos climbed 12c to $12.38 and Oil Search was up 11c at $4.50.
Hardman gained 5c to $2.43, as did Beach, to close at $1.47 after setting a record at $1.49.
Poor Cazaly, as expected, plummeted after the WA Government stripped the miner of the lease for the Shovelanna iron deposit, enabling Rio Tinto to reclaim the ground.
Having closed on Friday at $2.12, the shares opened at 45.5c, plumbed 41c and closed, down $1.455, or 68.6 per cent, at 66.5c.
The Commonwealth Bank fell 8c to $46.39, NAB was 21c lower at $36.99 and Westpac 5c weaker at $24.60. ANZ was up 13c at $27.68.
IAG was steady at $5.59 after revealing a worse-than-anticipated claims exposure of up to $135 million from Cyclone Larry.
Multiplex was also steady at $3.04. The construction group begins a court battle in London today as it sues Cleveland Bridge UK, the steel contractor which Multiplex blames for some of the problems with its late-running Wembley Stadium project.
ASX shares were steady at $33.11 after reporting a 25.9 per cent lift in net profit for the first nine months of the financial year to $99.8 million.
The operator of the national bourse, closed today for Anzac Day, said it expected a new pricing structure to boost revenue by about $10 million.
The battling gas companies gained, AGL added 6c to $18.46 and Alinta rose 1c to $11.01.
Telstra eased 3c to $3.76 while Optus parent Singapore Telecom eased 1c to $2.30.
Lihir Gold said it was on track to produce 670,000 ounces of gold this year and was expecting about 70 per cent would be sold at spot prices. Its stock rose 5c to $3.15.
In other golds, Newcrest fell 24c to $22.02 and AngloGold Ashanti 20c to $14.05. But Newmont was up 18c to $7.64 and Bendigo 4c to $2.36.
Gold itself was $US634.25.
Cazaly was the top traded stock by volume with 64.97 million shares worth $39.31 million changing hands.

Friday, April 21, 2006

Sellers mining the moment

Sellers moved in on mining and energy stocks, sending the benchmark index down after another week of solid gains.
The S&P/ASX 200 ended 26.8 points lower at 5250.1. This put it 51.7 points below Wednesday's intraday high but still meant a gain of 74.4 points for the week.
Shaw Stockbroking head dealer Jamie Spiteri said an overnight fall in commodity prices sparked the sell-off in the miners but other sectors held their ground.
"The market was weaker but the index has actually held up quite well when you consider the nature of some of the falls across some of the bigger miners," he said.
The two market-leading mining giants came in for heavy selling. BHP Billiton tumbled 90¢, or 2.9 per cent, to $30.10 and Rio Tinto dropped $2.80, or 3.4 per cent, to $80.80.
Energy stocks were also lower after a dip in the oil price in New York, with Woodside Petroleum dropping 90¢ to $47.90 and Santos losing 1¢ to $12.26.
Among the big banks, Westpac firmed 14¢ to $24.65 and ANZ rose 17¢ to $27.55 but National Australia Bank dropped 13¢ to $37.20 and Commonwealth fell 11¢ to $46.47.
AXA Asia Pacific was down 4¢ at $6.21 after the financial services company unveiled a mixed performance in its fund flows for the first quarter.
News Corp's non-voting stock slid 9¢ to $22.52 as the voting scrip fell 12¢ to $23.93. Publishing and Broadcasting Ltd put on 49¢ to $18.50 and West Australian Newspapers rose 10¢ to $7.90 but Fairfax was down 1¢ at $3.90.
Telstra closed up 4¢ at $3.79 after seven other telcos proposed helping it with the roll-out of a $3 billion fibre network to provide high-speed internet access. Of the listed telcos involved in the proposal, Macquarie Telecom dipped 1¢ to 79¢, PowerTel was unchanged on $1.16 and Optus owner SingTel rose 3¢ to $2.31.
Shares in Air New Zealand firmed 2¢ to $1.05 after it announced it would lift domestic and international air fares by 10 per cent in response to rising jet fuel prices.
The big retailers recovered some of Thursday's losses, with Woolworths rising 9¢ to $18.69 and supermarket rival Coles Myer advancing 6¢ to $10.72.
A tumble in the bullion price sent gold stocks lower. Newcrest dropped 75¢ to $22.26, Newmont slid 32¢ to $7.46 and Lihir eased 2¢ to $3.10. At the close of Sydney trade, the spot gold price was down $US27.88 an ounce at $US612.87.
Minara Resources fell 8¢ to $2.64 after the nickel miner cut its production target for the year.
The dollar fell heavily as failing gold and silver prices undid some of its recent rally. At 5pm, the Aussie was buying US73.81¢, more than half a US cent below Thursday's close of US74.43¢ but still well up from US73.03¢ at the end of last week's trading.

Thursday, April 20, 2006

Resource groups drag bourse lower

The sharemarket closed lower, with weakness in big mining stocks raining on Wednesday's parade of record highs.
The ASX 200 fell 7 points to 5276.9 and the All Ordinaries lost 7.4 points to 5225.8.
ABN Amro Morgans private client adviser Kylie Macdonald said major resources stocks had pulled the bourse lower, along with some of the banks.
BHP Billiton fell 25c to $31 and Rio Tinto plunged $1.71 to $83.60 despite reporting an increase in first quarter production of most of its key commodities.
Woodside Petroleum gave up 29c to $48.80 after the oil and gas producer said cyclones north west of Western Australia had affected its first quarter production rates. Santos fell 8c to $12.27 but Oil Search added 6c to $4.44.
Westpac sank 25c to $24.51, NAB dipped 3c to $37.33, ANZ eased 2c to $27.38 and St George fell 20c to $30.40. CBA rose 8c to $46.58.
Some of the goldminers provided a bit of brightness with Newmont gaining 14c to $7.78 and Lihir Gold rising 9c to $3.12.
John Fairfax boss David Kirk said the newspaper publisher would continue to look for ways to cut costs across its business. Fairfax shares rose 4c to $3.91.
Telstra rose 8c to $3.75. Merrill Lynch has warned that the telecom group might not get much extra benefit from the $3 billion roll-out of a new broadband network.
Incitec Pivot fell 16c to $19.54. The fertiliser producer will close its Cockle Creek plant near Newcastle by September 2009, meaning the loss of 25 jobs.
Chiquita Brands South Pacific fell 4c to 55c after lowering its earnings forecast by up to $4 million for the current financial year because of the impact of Cyclone Larry on its banana crop.
InterMet Resources made a strong debut, closing at 26.5c, compared with its 20c issue price. The most actively traded stock by volume was Range Resources with 101.1 million shares worth $4.99 million changing hands as shares in the minerals explorer rose 1.2c to 5c.

Wednesday, April 19, 2006

Oil's up, gold's up, the Dow's up - so's the ASX

The sharemarket jumped to a record close as rising commodity prices and a positive lead from Wall Street underpinned an optimistic local bourse.
The ASX 200 closed up 35.3 points at 5283.9, beating Tuesday's closing record of 5248.6 after setting a new high during trading of 5301.8.
The All Ordinaries rose 32.9 to 5233.2, beating Tuesday's record of 5200.3 after earlier touching 5250.1.
"We had higher oil prices, higher gold prices, higher copper prices and even a higher Dow, and that has flowed through to a very strong market today with strength across the board," said Fat Prophets director Angus Geddes.
The price of oil peaked at an all-time high overnight, with crude for May delivery closing at $US71.35 a barrel after reaching $US71.60 on the New York Mercantile Exchange.
Other commodities were also setting records, with base metals such as copper and zinc higher while gold, silver and palladium hit multi-year highs.
The uplift boosted mining stocks, with BHP Billiton jumping 57c to $31.25, Rio Tinto $2.25 to $85.31 and Alumina 10c to $7.83.
Newcrest Mining put on 62c to $23.48 while Newmont climbed 10c to $7.64, Lihir rose 7c to $3.03, Bendigo rose 2c to $2.34 and even Emperor was up 2½c to 48½c. Kingsgate was up 8c at 46.34.
Energy stocks were also stronger, with Woodside Petroleum up 59c to $49.09 and Santos edging up 2c to $12.35. Oil Search gained 8c to $4.38, a new high, and Beach, too, hit a record of $1.43½, up 4c. At $2.28, up 7c, Hardman Resources is approaching its August high of $2.56.
However, the rising oil price means petrol prices are also set to rise, which could dampen consumer spending.
The key retail stocks, which have recently enjoyed a strong run, fell back. Woolworths lost 18c to $18.83 despite analysts responding favourably to the supermarket group's 23 per cent increase in third-quarter sales.
Coles Myer fell 6c to $10.77, David Jones eased 7c to $2.85 and Harvey Norman shed 12c to $3.85.
Metals recycler Sims Group rose 73c to $18.93 after upgrading its third quarter earnings guidance.
Telstra was steady at $3.67 and shopping centre group Westfield dropped 15c to $16.75.
Qantas rose 5c to $3.44 after the airline revealed it was considering increasing its fuel surcharge as a result of higher oil prices.
Banks rallied, with NAB growing 37c to $37.36, the Commonwealth moving up 19c to $46.50, Westpac gaining 11c to $24.76 and ANZ 10c to $27.40. Macquarie jumped 91c to $69 but St George fell 5c to $30.60.
Toll shares fell 15c to $14.16 while Patrick dipped 2c to $8.59.
Toll's $6 billion-plus takeover of Patrick was no fait accompli, analysts said. CreditSuisse analysts said they could not rule out the possibility of another bidder with Toll's bid becoming final later this week.
Biota rose 3c to $1.69 after announcing the US Department of Defense had ordered more than $US5 million worth of its influenza drug Relenza.
The top traded stock was Macquarie Infrastructure Group with 38.6 million securities changing hands for a total value of $140.9 million. The stock closed steady at $3.65.
There was also a new record for the number of trades in equities, warrants and interest rate securities, with more than 206,000 trades worth $6.005 billion, according to the stock exchange.

Tuesday, April 18, 2006

Resources, Toll the pin-up stocks

The sharemarket posted its biggest one-day gain in more than five months yesterday after resource stocks and the impact of Toll Holdings' victory in its battle for control of Patrick Corp propelled the bourse to a record high.
After choosing to take profits last week ahead of the Easter holidays, investors piled back into the market despite a weak lead from the US.
The benchmark ASX200 index soared more than 1.4 per cent, or 72.9 points, to 5248.6 - 1 per cent above its previous record on April 6. The broader All Ordinaries index rose 68 points, to 5200.3.
Shaw Stockbroking's head of trading, Jamie Spiteri, said the market attracted interest across the board from investors, although he singled out resource stocks as one of the main drivers of the rally.
Toll's win in its bruising, eight-month battle for Patrick Corp also provided the spark the bourse needed as investors contemplated a combined group set to join the country's top 50 companies.
"It certainly did contribute to [the bourse's rally]," Mr Spiteri said. "It just highlights the ongoing attention that the top end of the market is attracting."
Toll soared almost 9 per cent, or $1.18, to $14.30 and Patrick jumped more than 7 per cent, or 58c, to $8.61.
Asian markets also joined the celebrations yesterday, with both Japan's Nikkei 225 index and Hong Kong's Hang Seng soaring more than 1 per cent.
"We have got a region that is still being considered a growth region," Mr Spiteri said.
"Here in Australia we haven't been left behind."
The surge in the oil price beyond $US70 a barrel, due largely to fears about a deterioration in the stand-off between Iran and the West, also spurred on the major producers here.
Woodside Petroleum soared almost 4 per cent, or $1.70, to $48.50, Santos rose 48c to $12.33 and Oil Search jumped 19c to $4.30.
BHP Billiton, which is also an oil producer, rose 93c to $30.68 and rival miner Rio Tinto climbed 74c to $83.06.
Mr Spiteri said the benefits from the rising oil price on the bourse, which is somewhat reliant on the performance of the heavyweight miners, outweighed the negatives from companies heavily exposed to consumer spending.

However, the rising oil price has clipped the wings of Qantas, which fell 6c to $3.39 yesterday.
Among the banks, Westpac rose 18c to $24.65, National Australia jumped 46c to $36.99, the Commonwealth Bank climbed 81c to $46.31 and ANZ rose 23c to $27.30.
Nomura Australia's market strategist, Eric Betts, said he was surprised the banks performed as strongly as they did, given the sector stood to suffer from the prospect of higher interest rates overseas and the ensuing rise in bond yields.
Meanwhile, the spot price of gold continued to strengthen, closing at $US615.825 an ounce, up $US20.925 an ounce from Thursday.
As a result of the price rise, Newcrest Mining rose 61c to $22.86, Newmont 36c to $7.54, Kingsgate Consolidated 17c to $6.26 and Lihir 14c to $2.96.
Among the retailers, Woolworths jumped 38c to $19.01 after posted almost a 23 per cent rise in third quarter sales from continuing operations to $9.67 billion.
Media stocks foundered as Fairfax dropped 3c to $3.88, PBL 20c to $18.10 and News Corp 42c to $24.23. The latter's non-voting shares dipped 39c to $22.69.

Friday, April 14, 2006

BHP cushions bourse's pre-Easter slide

Mining giant BHP Billiton was the lone bright star as the Australian stock market closed slightly lower ahead of the Easter weekend.
The market closed two hours early on Thursday ahead of the long weekend, with the S&P/ASX 200 down 8 points to 5175.7 and the All Ordinaries easing 7.7 points to 5132.3.
Macquarie Equities client adviser David Halliday said the market had started with a bang in the morning but had then tailed off as investors and traders turned their minds to the holiday break.
"It has been a patchy day, and if it wasn't for the resources, particularly BHP (Billiton), we would be even weaker than we are," he said.
Commodity prices leapt overnight and BHP Billiton ended the day up 26c at $29.75 but fellow mining giant Rio Tinto went the other way, dipping 28c to $82.32.
Banking stocks were mixed with Westpac advancing 9c to $24.47 and ANZ up 3c to $27.07 while NAB dipped 24c to $36.53 and Commonwealth Bank eased 16c to $45.50.
Rupert Murdoch's News Corporation climbed 26c to $24.65 with the non-voting stock rising 18c to $23.08.
Ramsay Health Care shot up 29c to $10.50 after the private hospital operator announced it was selling its remaining residential aged-care business to Domain Aged Care Group for about $67 million.
The Australian Stock Exchange fell 21c to $32.70 while the Sydney Futures Exchange Corporation dropped 11c to $16.00, after the pair said no circumstances had emerged to jeopardise their proposed merger.
Rinker Group, the third-biggest building materials maker in the US, climbed 32c to $20.90. The stock was raised to "buy" from "neutral" at UBS on expectations that profit growth would continue to drive the shares higher.
While rising interest rates and house prices may trigger a housing slowdown in the US, the supply of building products such as cement would hardly increase, allowing Rinker to still raise earnings in its biggest market, UBS said in a note to clients.
"We're not overly concerned about the US-related shares," said Brian Ingham at Reward Management Australia in Sydney. "There's enough earnings growth and valuations are low enough to still be confident."
Gale Pacific slumped 11c to $1.60 after the manufacturer and exporter of polymer fabrics downgraded its profit forecast.
Iron ore hopeful Cazaly Resources raced ahead 22.5c to $2.09 on speculation that a decision on its dispute with Rio Tinto could be handed down imminently.
Telstra rose 2c to $3.67 as Communications Minister Helen Coonan said she wanted the Government to defer a decision on the price the telco charged its rivals for access to its copper wire network until early May.
AWB climbed 5c to $3.85 as Prime Minister John Howard fronted the Cole inquiry into the wheat exporter's payments to Saddam Hussein's regime.
Retail stocks were mixed with Woolworths rising 7c to $18.63. Supermarket rival Coles Myer, which was trading ex-dividend, lost 30c to $10.85.
The spot price of gold closed in Sydney at $US594.90 an ounce, down $US2.10/oz on the previous close. Gold stocks lost ground with Australia's largest producer Newcrest Mining falling 58c to $22.25 and Papua New Guinea miner Lihir Gold down 7c to $2.82.
On the Sydney Futures Exchange, the June share price index contract closed at 5189, up 9 points.

Wednesday, April 12, 2006

Cashing in before the holiday break

A Flurry of profit taking ahead of the Easter break combined with a weaker Wall Street overnight to send the sharemarket backwards yesterday.
The ASX 200 fell 49.8 points to 5183.7 and the All Ordinaries slipped 46.8 to 5140.0.
There were few stocks that escaped the downward trend and the big mining houses led the fall. Rio Tinto fell $2.08 to $82.60, while BHP Billiton dropped 75c to $29.49.
ABN Amro Morgan client adviser Margaret Morrissey said: "With Easter ahead of us people are cashing in.
"The American market was off overnight and there were weaker oil and gold prices."
Oil and gas producer Woodside gave up 55c to $46.55. Santos was down 11c at $11.95 and Oil Search fell 7c to $4.17. Even little Beach Petroleum lost 1.5c to $1.375.
In the banks, Westpac rose 4c to $24.38 and ANZ was up 10c at $27.04 but NAB lost 37c to $36.77 and the Commonwealth fell 34c to $45.66.
John Fairfax lost 4c to $3.93 and PBL tumbled 15c to $18.30.
Telstra eased 1c to $3.65 as did Optus parent Singapore Telecom to $2.27.
Qantas, which signed an agreement with Air New Zealand that will see the airlines work together on networks, schedules, pricing and marketing initiatives for their Tasman operations, rose 1c to $3.49. Air NZ fell 1.5c to $1.095.
The Toll/Patrick takeover battle ground on with Patrick saying it will be ready to dispatch an updated target's statement to shareholders next week.
Toll shed 22c to $13.22 and Patrick added 4c to $8.06.
In the retail sector, Harvey Norman finished up 5c at $3.86, after reporting a 12.5 per cent rise in sales to $3.41 billion for the nine months to March 31. It had struggled in the morning and hit $3.76.
Coles Myer, which goes ex-dividend of 19.5c today, fell 6c to $11.15. Woolworths lost 18c to $18.56.
Building products and sugar company CSR edged up 1c to $4.05 after settling an asbestos litigation case that spanned more than a decade with 48 insurers in Australia, the UK and Europe.
CSR will receive a total of about $103.3 million before June 10 under the settlement which, after legal costs, will add $93 million to its profits.
Investa Property fell 2c to $2.18. The group has appointed the current chairman, John Arthur, as its new chief executive to replace outgoing founder Chris O'Donnell.
Multiplex closed steady at $2.92. The beleaguered construction group has obtained waivers from banks after breaching its covenants.
Brokers upgraded their earnings forecasts for Foster's after the brewer and winemaker sold its brand name in Europe for $750 million. The shares fell 2c to $5.65.
Among the goldminers, Newcrest Mining fell 36c to $22.83, Newmont dropped 25c to $7.08 and Lihir Gold dipped 5c to $2.89. Bendigo Mining, though, was up 2c to $2.30.
The top traded stock was Flinders Diamonds, with 44 million shares worth $1.12 million changing hands. The stock jumped 1c or 62.5 per cent to 2.6c.

Tuesday, April 11, 2006

Big miners lead the way higher again

The sharemarket made solid gains yesterday as the big miners rode booming metal prices to new highs and the rest of the market hitched a ride.
The ASX 200 was 41.2 points higher at 5233.5, while the All Ordinaries rose 39.9 to 5186.8.
"The biggest excitement was BHP made a new high and that is obviously dragging both indices up with it," ABN Amro Morgans analyst Lisa Sadgrove said. "There is also strength across the boards in the banks."
BHP Billiton reached a new closing high after putting on 93c to $30.24, while Rio Tinto closed at a record $84.68, up $2.43.
Meanwhile, oil prices reached record levels around $US70 a barrel overnight on speculation of military conflict between the US and major oil exporter Iran. TAPIS hit $US71.66 a barrel.
Woodside rose $1.84 to $47.10, after reporting three of its new developments would deliver oil earlier than expected. Santos rose 21c to $12.06 while Oil Search was up 20c to $4.24.
But the high oil price remains a concern for Qantas, which said it would need further restructuring if the price kept climbing.
The airline has scrapped its Australian Airlines brand in favour of pushing its low-cost domestic carrier, Jetstar, into international routes. Shares in Qantas fell 6c to $3.48.
NAB was off 8c to $37.14 but the Commonwealth rose 47c to $46, ANZ 33c to $26.94 and Westpac 27c to $24.34. Macquarie was up 23c to $69 and St George added 15c to $30.24.
The spot price of gold broke through $US600 an ounce for the first time since December 1980 to close at $US601.40, up $US6.925.
But the market was sceptical the new high could be sustained and sold goldminers. Newmont fell 1c to $7.33 and Newcrest slipped 19c to $23.19 but Lihir picked up 12c to $2.94.
ActivEx closed at 22c after the copper and gold explorer began trading on the stock exchange at 21c, up 1c on its 20c issue price.
Foster's Group rose 17c to $5.67 after it said it had sold its Foster's brand in Europe for $750 million to Scottish & Newcastle.

Monday, April 10, 2006

Resource and energy shares lead retreat

The sharemarket fell 0.8 per cent yesterday after a wave of profit-taking forced down the heavyweight resources and energy stocks.
The ASX 200 closed 40.6 points weaker at 5192.3 and the All Ordinaries slipped 39.7 to 5146.9.
Macquarie Equities client adviser David Halliday said a fortnight of record-breaking levels in the market had come to an end on Friday. The weakness continued yesterday after a soft lead from Wall Street.
"After a couple of weeks of impressive gains it was always going to result in some profit-taking," Mr Halliday said. "There's been some huge gains right across the board, particularly in materials and the resources and energy sectors … there was probably some pent-up profit-taking in the system that has become evident today."
Mr Halliday pointed out that the coming Easter weekend meant trading this week would be shortened by one day.
"Thursday will probably be very quiet as people square themselves up ahead of Easter," he said.
In resources and energy sectors, Rio Tinto slid $1.45 to $82.25 while BHP Billiton shed 19c to $29.31, and Woodside dropped 33c to $45.26 while Santos fell 13c to $11.85.
The major financials were also weaker, with Macquarie Bank down 23c to $68.77, AMP 10c to $8.74 and Axa also 10c to $6.
Commonwealth Bank fell 23c to $45.53, ANZ dipped 16c to $26.61, NAB was off 31c to $37.22 and Westpac lost 15c to $24.07.
Newmont Mining lost 16c to $7.34 and AngloGold Ashanti slipped 35c to $14.55 after the joint owners named Clough as the new management contract winner of the Boddington goldmine. Shares in Clough rose 1.5c to 44.5c.
Hampton Hill Mining rose 2c or 12.12 per cent to 18.5c. The junior explorer has acquired two uranium exploration licences in Western Australia.
Pacifica Group rose 48c, or 20.69 per cent, to $2.80. The car parts maker said it was in talks with an unnamed party that could result in a change of ownership.
Ruralco looks set to succeed in its takeover bid for Tasmanian rural services provider Roberts, with the target's board yesterday recommending acceptance. Ruralco closed steady at $4.05; Roberts rose 2c to $2.47.
Insurance broker OAMPS sold its premium funding business to commercial finance organisation Centrepoint Alliance in a deal that will closely link the two. Centrepoint shares rose 8.5 to 86.5c and OAMPS scrip lost 7c to $3.19.
The top traded stock by volume was Dyno Nobel with 57.49 million shares worth $153 million changing hands. The shares fell 3c to $2.65.

Saturday, April 08, 2006

Bourse records another strong week

The sharemarket might have ended the week with a whimper but resources and building materials stocks still helped it record its fourth consecutive weekly gain.
The profit-taking on Friday did little to overshadow a stellar start to the second quarter, as the bourse rose 2 per cent over the week and posted record highs on three out of five trading days.
Investors remain bullish about the market's short-term outlook, although concerns loom about the likelihood of interest rates rising sooner than expected.
The benchmark ASX 200 index fell 6 points to 5232.9 on Friday but was still up 103.2 points over the week. The All Ordinaries closed down 3.6 points at 5186.7 on Friday but was up 99.5 points over the week.
Nomura Australia's market strategist, Eric Betts, said the resource companies and materials stocks such as cement and asphalt maker Rinker, which delivered its fourth profit upgrade in a year on Thursday, had underpinned the gains over the week.
"The global vibe is continuing to drive the market," Mr Betts said, emphasising the gains made by companies heavily exposed to overseas markets.
"The only cloud over the market is the prospect of rising interest rates. I am not a bear but I think it will lead to short-term profit-taking."
The biggest float of the year, Dyno Nobel, on Friday was the "icing on the cake".
The world's second-biggest explosives maker closed up 31c at $2.68 - a 13 per cent premium to its listing price.
Dyno's gains also rubbed off on rival Orica, which rose 44c to $24.74 on Friday, up more than 6 per cent over the week.
Among the heavyweight miners, BHP Billiton, surpassed $30 a share for the first time this week but closed down 32c at $29.50 on Friday. Rio Tinto also fell 10c to $83.70 on the day but was up more than 6 per cent over the week.
The big miners and gold producers have benefited from the spot price for the precious metal closing near $US600 an ounce. Lihir Gold fell 1c to $2.84 on Friday but was up more than 6 per cent over the week.
"If you see continued record highs for the commodities and gold there is no reason why those stocks can't go higher," CMC Markets senior dealer James Foulsham said.
"Everything it [the gold price] has been doing over the last year indicates it could keep going higher."
AMP Capital Investors' head of investment strategy, Shane Oliver, said April tended to be a strong month for the Australian sharemarket, lagging just behind December.
"However … investors should be prepared for a volatile ride as profit growth slows and sharemarkets undergo ongoing bouts of paranoia about inflation, global interest rates, commodity prices and oil prices," he said.

Friday, April 07, 2006

Resources underpin latest record

The Australian sharemarket has continued its record-breaking run, urged on by rising oil prices and a buoyant resources sector.
"Another day, another record broken," said Macquarie Equities client adviser David Halliday. "The strength of this market is just undeniable, and again it is the resources that are doing all the heavy work."
The benchmark
S&P/ASX 200 Index was up 31.9 points to 5238.9, beating the previous record, set on Wednesday, of 5207.0.
The All Ordinaries closed 31.3 points ahead at a new high of 5190.3, overcoming
Wednesday's record of 5159.0.
At the end of day trading on the Sydney Futures Exchange the June share price contract was up 29 points to 5260.
One of the biggest movers was materials company Rinker Group, which gained $1.56, or 7.73 per cent, to $21.74.
"The market is going to keep rewarding these companies that continue to deliver good news for shareholders," Mr Halliday said.
"People now are becoming very comfortable with the fact that these resources are going to remain high, and this strength in demand is going to continue for a long time."
Rio Tinto closed $2.29 stronger at $83.80 and global miner BHP Billiton gained 33¢ to $29.82.
Elsewhere, the rising oil price helped Woodside Petroleum find 20¢ to $45.30 and Santos was 30¢ stronger to $12.08.
In the financial sector, the Australian Stock Exchange Ltd gained $1.93 to $33.70, SFE Corporation was up 89¢ to $16.60 and Macquarie Bank put on $1.24 to $69.
The big banks were mixed, with Westpac down 35¢ to $24, National Australia Bank shedding 35¢ to $37.22 and ANZ down 15¢ to $26.63.
Commonwealth Bank of Australia moved against the trend, gaining 5¢ to $45.55.
St George lost 16¢ to $30.60.
In the telco sector, Telstra fell 1¢ to $3.68 and Optus-owner Singapore Telecommunications lost 4¢ to $2.26.
Several media stocks rose, with Fairfax up 15¢ to $4.07, Publishing and Broadcasting Ltd 31¢ stronger to $18.17 and News Corp up 6¢ to $24.72. Seven Network slipped 6¢ to $9.48.
Wheat exporter AWB lost 8¢ to $3.93 after it launched a Federal Court challenge in a bid to prevent a drafted letter of apology being published.
The spot price of gold in Sydney was $US593.775, up $US9.025 on Wednesday's close.
Gold miner Newmont gained 17¢ to $7.38, Newcrest was 40¢ stronger to $23.70 and Lihir Gold jumped 18¢ to $2.85.
In the US overnight the Dow Jones industrial average rose 35.70 points to 11,239.55.

Thursday, April 06, 2006

Materials sector is the latest sharemarket pet

The sharemarket continued its record breaking run yesterday, spurred on by buoyant resources and materials sectors.
The ASX 200 was up 31.9 points to 5238.9, beating Wednesday's record of 5207.0. The All Ordinaries closed 31.3 up at a new high of 5190.3.
"Another day, another record broken," Macquarie Equities client adviser David Halliday said.
"Again it is the resources that are doing all the heavy work. It's really a resource and materials day without a doubt.
"People now are becoming very comfortable with the fact that these resources are going to remain high and this strength in demand is going to continue for a long time."
Rio Tinto closed $2.29 stronger at $83.80, BHP Billiton gained 33c to $29.82, Woodside jumped 20c to $45.30, Santos rose 30c to $12.08 and Oil Search was up 8c at $4.21.
Meanwhile, over in the West, mining and energy companies began securing operations in preparation for Cyclone Hubert.
New iron ore and gold explorer Royal Resources debuted at a 25 per cent premium to its 20c issue price after raising more than $4 million. The shares opened at 25c and closed at 32c.
Gold explorer Alloy Resources also hit the boards at a premium following $4 million raising. The 20c shares opened at 28c and closed at 21.5c.
Rinker Group jumped $1.56 or 7.73 per cent to $21.74 as annual net profit rose 50 per cent to $US740 million ($1 billion).
The concrete and cement manufacturer said a population explosion in Florida and Arizona continued to boost its earnings.
Australasian success story Fletcher Building was up 9c to $7.77 but Boral fell 1c to $9.09 and Leighton lost 14c to $17.60.
In the financial sector, the Australian Stock Exchange gained $1.93, or 6 per cent, to $33.70, SFE Corp was up 89c at $16.60 and Macquarie Bank climbed $1.24 to $69.
The big banks were mixed, with Westpac down 35c to $24, National Australia Bank shedding 35c to $37.22, ANZ down 15c to $26.63 and St George losing 16c to $30.60. The Commonwealth rose 5c to $45.55.
Bank of Queensland fell 26c to $16.24 after it posted a first-half net profit of $40 million, up 11 per cent on the previous corresponding period.
Telstra fell 1c to $3.68 as it awaits a decision next week on the price it could charge rivals to rent its copper lines.
Media stocks were also mixed, with John Fairfax up 15c to $4.07 after its chief executive David Kirk gave an optimistic outlook for the company.
PBL rose 31c to $18.17, APN was up 15c at $4.95 and Ten was up 7c to $3.03 but Seven Network slipped 6c to $9.48.
In the retail sector, Coles Myer rose 20c to $11.03, David Jones fell 4c to $2.81, Harvey Norman fell 3c to $3.82 and Woolworths added 2c to $18.72.
Gold stocks rallied on a firmer gold price, up $US9 to $US593.77½. Newmont gained 17c to $7.38, Newcrest was 40c stronger at $23.70 and Lihir Gold was up 18c to $2.85. Bendigo Mining was up 8c to $2.32 on good volume - 4 million, there's a lot of these shares washing around from the estate of the late Sir James Goldsmith - but small trade in AngloGold Ashanti dragged it down 18c to $14.82.

Wednesday, April 05, 2006

Sharemarket returns to record-breaking form

The Australian stockmarket returned to its record-breaking ways yesterday, carried along on the backs of the big miners and the financial sector.
The market lost ground on Tuesday as profit takers pounced, but with a strong lead from Wall Street yesterday investors piled back in.
The ASX200 closed up 44.5 points at 5207, beating Monday's previous record of 5180.5
The All Ordinaries closed 42.7 points ahead at a new high of 5159, improving on Monday's record of 5133.1.
On the Sydney Futures Exchange, the June share price contract gained 68 points to 5231.
Among mining stocks, BHP Billiton strengthened 24c to $29.49 while Rio Tinto jumped $1.80 to $81.51.
BHP Billiton said construction work on a $US5 billion ($6.95 billion) expansion of its massive Olympic Dam copper and uranium mine could begin as soon as 2009.
Nomura Australia equity market strategist Eric Betts said mining-related stocks were also benefiting from the boom.
"Orica is strong due to the demand for Dyno Nobel," Mr Betts said.
Dyno Nobel, which is expected to list on the ASX on Friday with a market value of about $1.7 billion, supplies explosives and related services to mining and building companies.
It is the second biggest explosives maker - after Orica, which gained 29c to $24.14 yesterday.
Transfield gained 31c to $7.90 while Worley Parsons rose 44c to $18.71.
Mr Betts said the banks were benefiting from the decision by the Reserve Bank to keep interest rates on hold for the 13th consecutive month.
"We weren't expecting a rate rise - but if there had been one it would have been a negative [for the banks' shares]," Mr Betts said.
The Commonwealth Bank of Australia surged 70c to $45.50, National Australia Bank gained 49c to $37.57, ANZ improved 39c to $26.78 and Westpac added 20c to $24.35.
Wealth management group Axa advanced 20c to $6.10 while insurer QBE strengthened 35c to $22.52.
Media stocks were mixed, with Publishing & Broadcasting adding 28c to $17.86.
Fairfax weakened 3c to $3.92, while News Corp lost 25c to $24.66 and its non-voting stock reversed 23c to $23.16.
Telstra gave up 5c to $3.69 while Optus parent Singapore Telecommunications was steady at $2.30.
In retail, Woolworths gave up 9c to $18.70 but supermarket rival Coles Myer added 9c to $10.83.
Department store David Jones was up 5c to $2.85.
The price of gold in Sydney was down $US1.70 to $US584.75 on Tuesday's close.
Gold stocks suffered yesterday, with Newmont dropping 7c to $7.21, Newcrest dipping 50c to $23.30 and Lihir Gold 9c poorer at $2.67.
The top traded stock by volume was Lion Energy with 33.66 million shares worth $135,659 changing hands as shares in the oil and gas producer held steady at 0.4c.
Market turnover was 1.4 billion shares worth $5.02 billion with 577 stocks rising, 537 falling and 331 unchanged.
The Dow Jones industrial average was up 58.91 points to 11,203.85.
The Standard & Poor's 500 Index was up 8.12 points at 1305.93.

Tuesday, April 04, 2006

Market pauses as sellers move in

The sharemarket ran out of puff at the end of the day as an early strong lead built up by the major miners fell to profit-taking.
The ASX 200 was down 18 points at 5162.5 after reaching a high of 5217.5. The All Ordinaries fell 16.8 to 5116.3, pulling back from a new high of 5166 reached in the morning.
Shaw Stockbroking's head dealer, Jamie Spiteri, said the recent strong gains had inspired profit taking. "At these higher levels the market is just starting to feel a bit of profit taking, which is nothing too surprising considering the significance of some of the rises of late."
Strong commodity prices continued to support resources. BHP Billiton closed up 35c at $29.25 and Rio Tinto was up 2c at $79.71.
A slight increase in the oil price overnight didn't help the energy stocks with Woodside down 50c to $44.85 and Santos off 14c to $11.50. Oil Search, though, rose 13c to $4.08.
Uranex soared 42c or 66 per cent to $1.06. The company said it had signed a so-called letter of intent on potential co-operation with China National Nuclear Corp, China's largest nuclear power-plant builder.
Origin Energy fell 8c to $23.80 after the company said its $500 million BassGas project may make no "significant" profit contribution this fiscal year because of further delays.
National Australia Bank fell 28c to $37.08, ANZ shed 37c to $26.39, the Commonwealth eased 30c to $44.80 while Westpac dipped 1c to $24.15.
Westpac is chasing real estate assets, announcing it had acquired $100 million worth of residential property from the Defence Housing Authority.
Elsewhere, St George Bank was 60c weaker at $30.15 while Macquarie Bank surged $1.10 to $66.05.
PaperlinX fell 8c to $3.67. Credit Suisse has upgraded its 12-month target price for PaperlinX but its analyst, Rohan Gallagher, said the paper maker remained a cyclically plagued stock "only for the brave and long-term investor".
Telstra eased 5c to $3.74. The competition watchdog has rejected Telstra's proposed charges for connecting and disconnecting broadband internet companies' access to its basic copper wire.
The shares have fallen 26 per cent in the past year amid complaints by the company that government regulation is ruining its profitability.
Retail stocks lost ground with Woolworths down 41c to $18.79, Harvey Norman off 4c to $3.81 and Coles Myer down 6c at $10.74.
Regional Express rose 2.5c to $1.075. The airline said it would grow its fleet by five planes this year to better meet expanded operational requirements.
Fletcher Building fell 12c to $7.50. The Australasian construction company denied it was considering moving its primary sharemarket listing to Australia.
A firmer gold price helped Newcrest Mining, up 71c to $23.80. Lihir Gold rose 8c to $2.76 and Kingsgate 18c to $6.62. Bendigo fell 3c to $2.26 and Newmont 9c to $7.28.
The most traded stock was Sherlock Bay Nickel Corp with nearly 83 million shares worth $9.8 million traded. Shares in the iron ore developer rose 2.7c to 10.5c.

Monday, April 03, 2006

Mr Wen's visit helps shares go radioactive

The sharemarket ignored the negative lead from the US as shares in BHP Billiton surged.
The ASX 200 ended with a bang after rising 50.8 points to close at 5180.5, an all-time high, and beating Friday's record close.
The All Ordinaries closed up 45.9 at 5133.1, also a new high.
Visiting Chinese Premier Wen Jiabao sparked a buying frenzy after signing a uranium supply deal with the Federal Government and indicating iron ore prices should be set by the market, not governments.
His comments fuelled speculation iron ore miners would win a higher price in the current annual negotiations than previously expected, pushing the major miners higher.
Oxiana's uranium spin-off, Toro Energy, rose 23.5c to $1.26 while Paladin Resources, which is commissioning a uranium mine in Namibia later this year, gained 20c to $5.38.
ABN Amro Morgan private client adviser Margaret Morrissey said Mr Wen's comments had triggered the gains.
The deal with China is expected to underpin massive growth in the uranium industry in Australia, which has just three mines.
The rises were also inspired by the narrowing trade deficit, which is close to a four-year low after a long-awaited lift in exports.
Ms Morrissey said the market was seeking quality stocks.
BHP Billiton had finished its share buyback and many investors wanted to buy in, she said.
BHP Billiton rose 90c to $28.90 and Rio Tinto 84c to $79.69.
BHP bought back 96 million shares after increasing the scheme's threshold from $1.5 billion to $2.25 billion due to demand. But weaker oil prices weighed on Woodside, which slipped 13c to $45.35.
United Group, which has won the job of providing property management services to the NSW Police, rose 63c to $13.50.
Woolworths regained ground lost last week, jumping 37c to $19.20 while Coles Myer rose 10c to $10.80.
Telstra rose 5c to $3.79. Ms Morrissey said there had been a lot of institutional buying in the stock, with about 38 million shares traded.
Clinical Cell Culture rose 3c to 17.5c after the Therapeutic Goods Administration recommended its ReCell device be approved for use.
Qantas rose 3c to $3.57. Maintenance workers from the airline have taken the national carrier to the Australian Industrial Relations Commission over a move to service jets overseas.
Allco Equity Partners bowed out of the takeover battle for Wattyl, leaving paint company Barloworld to woo the competition watchdog and shareholders. Wattyl rose 7c to $3.38 and Allco fell 4c to $2.38.
Goldminers were weaker. Newcrest fell 29c to $23.09 and Newmont 18c to $7.37. Lihir Gold rose 1c to $2.68.

Saturday, April 01, 2006

Islam, Radikalisme, dan Politik Global

Islam, Radikalisme, dan Politik Global

Radikalisme belakangan ini menjadi gejala umum di dunia Islam, termasuk Indonesia. Reaksi keras yang hampir serentak di dunia Islam terhadap kasus karikatur Nabi Muhammad hanya riak kecil dari serangkaian gelombang radikalisme yang lebih besar.
Gejala radikalisme di dunia Islam bukan fenomena yang datang tiba-tiba. Ia lahir dalam situasi politik, ekonomi, dan sosial budaya yang oleh pendukung gerakan Islam radikal dianggap sangat memojokkan umat Islam. Secara politik umat Islam bukan saja tidak diuntungkan oleh sistem, tetapi juga merasa diperlakukan tidak adil. Mereka merasa aspirasi mereka tidak terakomodasi dengan baik karena sistem politik yang dikembangkan adalah sistem kafir yang dengan sendirinya lebih memihak kalangan nasionalis sekuler ketimbang umat Islam itu sendiri.
Secara ekonomi pun umat Islam tidak lebih baik. Kelompok Islam radikal menganggap kepentingan ekonomi umat Islam tidak dilindungi, bahkan diabaikan dan dipinggirkan. Sementara itu, dalam konteks sosial budaya, umat Islam semakin kehilangan orientasi dengan makin kuatnya serbuan budaya Barat. Ikatan-ikatan sosial yang sebelumnya cukup kuat menyatukan kelompok-kelompok Muslim kemudian tercerai-berai akibat jebolnya pertahanan budaya yang dimiliki umat Islam.
Dalam suasana seperti itulah Islam radikal mencoba melakukan perlawanan. Perlawanan itu, menurut Marty E Martin dan R Scott Appleby (1993), muncul dalam bentuk melawan kembali kelompok yang mengancam keberadaan mereka atau identitas yang menjadi taruhan hidup. Mereka berjuang untuk menegakkan cita-cita yang mencakup persoalan hidup secara umum, seperti keluarga atau institusi sosial lain. Mereka berjuang dengan kerangka nilai atau identitas tertentu yang diambil dari warisan masa lalu maupun konstruksi baru. Untuk itu mereka juga berjuang melawan musuh-musuh tertentu yang muncul dalam bentuk komunitas atau tata-sosial keagamaan yang dipandang menyimpang. Terakhir mereka juga mendaku bahwa perjuangan mereka atas nama Tuhan atau ide-ide lain.
Konteks global
Iran dan Mesir adalah dua negara yang dianggap paling inspiratif dalam melahirkan Islam radikal di negara-negara lain. Fenomena revolusi Islam Iran 1979 dianggap banyak pengamat sebagai salah satu bentuk radikalisme Islam yang kemudian mengilhami kaum Muslim di banyak negara melakukan hal serupa. Sementara itu, di Mesir lahirnya al-Ikhwan al-Muslimun yang dibidani oleh Syaikh Hasan Al-Banna (1906-1949) pada April 1928 mengalami perkembangan pesat yang ditandai oleh tersebarnya organisasi ini di kurang lebih 70 negara, tidak hanya di Timur Tengah tapi juga di wilayah lain.
Ada satu benang merah yang dapat ditangkap dari maraknya radikalisme di dunia Islam, yakni respons atas makin kuatnya dominasi dan hegemoni Barat di dunia Islam. Pada awalnya fundamentalisme Islam muncul sebagai gerakan pemikiran untuk mendefinisikan Islam sebagai sistem politik, mengikuti ideologi-ideologi besar abad ke-20. Mereka berusaha menandingi—dan kalau bisa menggantikan—ideologi-ideologi besar yang berkembang saat itu. Namun, seiring dengan semakin kuatnya hegemoni dan dominasi Barat, gerakan Islam kemudian mengambil wujud baru yang disebut Oliver Roy (1996) sebagai neofundamentalisme yang mencoba memperjuangkan syariat Islam dan melupakan Islam sebagai ideologi politik.
Menurut Mark Juergensmeyer (1993), radikalisme dalam Islam muncul karena kegagalan nasionalisme sekuler yang dianggap tak mampu mengakomodasi aspirasi kalangan agamawan. Kalangan Islam radikal, menurut Juergensmeyer, tidak menolak modernitas dalam arti ilmu pengetahuan atau teknologi, tetapi mereka tidak bisa menerima ideologi di balik itu: sekularisme dan materialisme.
Penolakan terhadap sekularisme menguat karena sistem itu tak memberi tempat bagi ajaran Islam, terpinggirkannya kaum Muslim, serta kian parahnya krisis yang melanda dunia Islam. Celakanya, ideologi sekuler itu justru semakin kuat pengaruhnya di dunia Islam.
Meluasnya Islam radikal di dunia Islam tentu saja membuat Amerika khawatir dan ketakutan. Peristiwa peledakan WTC dan Pentagon (11/9) jelas-jelas membuat Amerika terperangah. Tidak tanggung-tanggung, Amerika menabuh genderang perang melawan terorisme yang diyakini sebagai hasil perbuatan Islam radikal dengan tokoh utamanya Osama bin Laden. Namun, sikap Amerika yang secara terbuka menyatakan perang terhadap kelompok Islam radikal sebetulnya bukan representasi dari seluruh kebijakan Amerika secara umum. Soalnya, baru pada pemerintahan Bush (yunior), Amerika menyatakan perang secara terbuka terhadap Islam radikal.
Menurut Fawaz A Gerges (1999), ada tiga hal yang mendasari sikap Amerika terhadap apa yang disebutnya sebagai "Islam politik".
Pertama, AS tidak ingin terlihat tak bersahabat bagi negara-negara Islam. Ini dikhawatirkan akan memperparah sikap mereka terhadap Amerika. Para pejabat Amerika, menurut Gerges, tak mau mengulangi kesalahan yang dibuat saat menghadapi revolusi Islam di Iran.
Kedua, AS ragu-ragu secara terbuka mendukung kelompok Islam mana pun kecuali jika menguntungkan bagi kepentingan regionalnya atau kepentingan sekutunya. Pejabat-pejabat Amerika mengidap kecurigaan besar pada tujuan kebijakan luar negeri para aktivis Islam berikut agenda mereka.
Ketiga, di dalam lingkaran para pembuat kebijakan luar negeri AS, terdapat sebentuk ketidakyakinan tentang kemungkinan terjadinya hubungan baik antara negara Islam dan demokrasi. Pandangan Amerika sudah dijejali dengan masukan-masukan implisit mengenai perilaku politik Islam, melihat Islam revolusioner itu antidemokratis dan otoriter. Jadi, bukannya memberikan panduan kebijakan yang konkret, pernyataan-pernyataan resmi AS jadinya berbentuk bahasa yang mendua dan bisa memunculkan beragam interpretasi.
Gambaran mengenai sikap Amerika terhadap negara-negara Islam di atas sejalan dengan pandangan para pembuat opini di Amerika yang secara umum terbelah dua: kubu akomodasionis dan kubu konfrontasionalis. Kedua kubu, menurut Gerges, tampak seperti mengulang pertempuran, tapi di sini Islamisme menggantikan komunisme sebagai "musuh baru" atau "tantangan" bagi kepentingan-kepentingan vital Amerika.
Kebanyakan konfrontasionalis menganggap bahwa dalam praktiknya, Islam dan demokrasi itu berlawanan. Para konfrontasionalis berpendapat "kaum fundamentalis Islam", seperti halnya totalitarian komunis, sudah terlahir antidemokrasi dan sangat antibarat dan dalam berbagai hal menjadikan Barat sebagai sasaran.
Kubu akomodasionis menolak deskripsi islamis yang digambarkan para konfrontasinalis sebagai antibarat atau antidemokrasi. Mereka membedakan antara tindakan-tindakan kelompok oposisi politik islamis dan minoritas ekstremis yang cuma sedikit. Mereka berargumen bahwa sudah terlalu sering para akademikus, pemerintah, dan media menonjolkan tindakan kelompok keras yang kecil-kecil dan mengecilkan peran gerakan nonpolitis maupun politis moderat. Pembentukan gambaran Islam yang monolitik, menurut mereka, mengarah ke suatu penyederhanaan agama yang melihat konflik-konflik politik di dunia Islam dalam ungkapan religius, yaitu sebagai pertikaian Islam-Kristen.
Kubu akomodasionis melihat kebangkitan Islam sebagai hasil dari kepedihan sosial-ekonomi dan politik. Yang ditentang oleh islamis, menurut mereka, adalah kebijakan-kebijakan tertentu Barat yang dilihat mempertahankan kelangsungan dominasi Barat serta ketergantungan dan posisi bawahan masyarakat Muslim. Termasuk ke dalam kebijakan ini dukungan Washington terhadap rezim korup dan represif Timur Tengah, dukungan tanpa syarat AS bagi Israel, serta sejarah panjang intervensi ekonomi dan militer Amerika di kawasan ini secara khusus, masalah Israel menciptakan beban emosional dan historis yang begitu berat bagi dunia Muslim. Inilah titik sentral kekecewaan yang dirasakan umat Muslim terhadap Amerika Serikat.
Sayangnya, dalam banyak kebijakan Amerika, kubu akomodasionis tidak begitu didengar oleh pembuat kebijakan luar negeri Amerika, khususnya dalam masalah Timur Tengah. Itulah sebabnya, radikalisme agama sangat subur di kawasan ini. Dalam perkembangannya, gerakan yang sama meluas ke berbagai negara Muslim lain, termasuk Indonesia. Bahkan, belakangan radikalisme seperti berubah wujud menjadi terorisme meski tak semua kelompok radikal bisa dikaitkan dengan terorisme.
Kasus Indonesia
Dalam kasus Indonesia, pengaruh keagamaan dan politik dari Timur Tengah ke Indonesia bukan hal baru dalam sejarah. Menurut Muhammad Imdadun (2003), semenjak Islam masuk ke Nusantara, hubungan masyarakat Indonesia dengan Timur Tengah sangat kental. Dalam konteks keagamaan, pengetahuan, dan politik, transmisi ini dimungkinkan karena posisi Timur Tengah sebagai sentrum yang selalu menjadi rujukan umat Islam. Negara-negara yang memiliki kota-kota suci dan pusat ilmu pengetahuan selalu dikunjungi orang Indonesia, baik untuk berhaji, ziarah, maupun belajar. Dari aktivitas ini kemudian muncul berbagai bentuk jaringan, baik jaringan keulamaan, jaringan gerakan dakwah, maupun jaringan gerakan politik.
Konteks politik di Indonesia juga menjadi alasan lain kemunculan Islam radikal. Ada kesamaan antara gerakan Islam radikal di Indonesia dan Timur Tengah. Sebagaimana ditunjukkan Abdurrahman Kasdi (2002), gerakan Islam radikal di Timur Tengah bisa diklasifikasi dalam tiga kategori.
Pertama, gerakan itu terjadi di negara-negara yang pemerintahannya otoriter seperti di Irak dan Suriyah. Al-Mujahidin di Irak menentang kediktatoran Saddam Hussein, demikian halnya al-Ikhwan di Suriyah yang menentang rezim Hafidh al-Asad.
Kedua, hal yang sama terjadi di wilayah yang dijajah dan diduduki kekuatan asing, seperti di Palestina. Fundamentalisme di Palestina yang bahkan termanifestasi dalam bentuk yang ekstrem melalui jalan kekerasan merupakan reaksi terhadap kekerasan politik yang dilakukan Israel.
Ketiga, gerakan radikal lahir di negara yang kebijakan pemerintahannya dipandang terlampau memihak ke Barat seperti Mesir dan Iran prarevolusi. Munculnya Ikhwanul Muslimin di Mesir tak lepas dari sentimen massa menentang kebijakan pemerintah yang dinilai pro-Barat dan cenderung memarjinalkan peran kaum agamawan.
Dari tiga kategori di atas, faktor pertama dan ketiga terjadi di Indonesia, baik sebelum maupun setelah Orde Baru. Sejak awal kelahirannya, sikap Orde Baru terhadap umat Islam mengikuti pola kebijakan yang diterapkan Belanda: bersikap toleran dan bersahabat terhadap Islam sebagai kelompok sosial dan keagamaan. Tapi, sikap ini segera berubah menjadi keras dan tegas ketika Islam mulai memperlihatkan tanda-tanda sebagai kekuatan politik yang menentang kehendak penguasa. Itulah sebabnya, Orde Baru dengan cerdik mengantisipasinya melalui tiga cara.
Pertama, menumpas habis segala bentuk kelompok Islam sebagai kekuatan politik yang menentang penguasa, baik dengan cara represif (diciduk, diadili, dipenjarakan) maupun dengan cara hegemoni melalui stigmatisasi "ekstrem kanan" yang dianggap akan menggantikan Pancasila dengan ideologi lain (baca: Islam).
Kedua, membersihkan institusi politik partai dari unsur-unsur agama. Maka, muncullah kebijakan asas tunggal pada awal tahun 1980-an sebagai bagian dari upaya mengebiri partai Islam dari basis konstituennya.
Ketiga, merangkul kelompok-kelompok Islam moderat yang dapat memberikan dukungan terhadap kekuasaan serta tidak membahayakan struktur kekuasaan sebagaimana terlihat dari sikap penguasa Orde Baru terhadap ICMI pada awal dekade 1990-an. Mereka ini bahkan juga diberi akses kekuasaan yang lebih besar dari sebelumnya.
Dalam perkembangannya, Orde Baru memperluas jangkauannya dengan merangkul kelompok Islam garis keras. Kelompok inilah yang oleh Robert W Hefner (2000) diistilahkan sebagai "Islam Rezimis". Padahal, sebelumnya mereka termasuk kelompok yang berusaha ditumpas habis termasuk juga dengan mengecap mereka sebagai "ekstrem kanan" yang harus senantiasa diwaspadai.
Sampai di sini, momok ekstrem kanan yang dulu begitu diwaspadai oleh Orde Baru seolah menjadi "macan ompong". Maka, istilah "ekstrem kanan" seolah-olah hilang dari kamus politik Indonesia. Namun, Orde Baru melupakan satu hal: meski rezim ini telah berhasil "menjinakkan" umat Islam, Islam radikal sebetulnya sudah mengalami "metamorfosa". Kelompok Islam radikal memang berhasil "ditumpas" rezim Orde Baru pada tahun 1980-an. Namun, dalam waktu hampir bersamaan generasi di bawahnya diam-diam membangun jaringan di kampus-kampus.
Maraknya kelompok-kelompok pengajian kampus pada akhir 1980-an yang terkenal dengan sebutan "kelompok tarbiyah" adalah contoh konkret dari keberhasilan kaum muda idealis ini dalam membangun jaringan yang solid ke berbagai daerah di Tanah Air. Mereka adalah generasi baru Islam yang kecewa terhadap generasi di atasnya yang dianggap telah berkhianat karena berkoalisi dengan rezim yang dulu menindas mereka. Melalui kelompok inilah transmisi Islam radikal di Timur Tengah berkembang di Indonesia, khususnya di kampus-kampus umum.
Meski kemunculan mereka terfragmentasi dalam beragam organisasi, ada sejumlah benang merah yang bisa ditarik dari berbagai kelompok tersebut sekaligus menjadi faktor pembeda dari Muslim mainstream di Indonesia. Beberapa benang merah itu antara lain adalah pemahaman yang sangat literal terhadap ajaran Islam, keyakinan yang sangat kuat bahwa Islam adalah satu-satunya solusi untuk menyelesaikan berbagai krisis di negeri ini, perjuangan yang tak kenal lelah menegakkan syariat Islam, resistensi terhadap kelompok yang berbeda pemahaman dan keyakinan, serta penolakan dan kebencian yang nyaris tanpa cadangan terhadap segala sesuatu yang berbau Barat.
Tumbangnya rezim Orde Baru membuka pintu bagi mereka untuk memulai gerakan secara lebih leluasa. Kalau sebelumnya mereka bergerak di bawah tanah, setelah era reformasi mereka lebih berani tampil ke permukaan secara terang-terangan. Ini memang menjadi bagian dari eforia kebebasan yang melanda bangsa ini. Bagi sebagian kalangan, kemunculan mereka dianggap mengkhawatirkan, bukan semata-mata karena perbedaan ideologis, tetapi lantaran sebagian di antara mereka menggunakan cara-cara kekerasan memperjuangkan aspirasi mereka. Kekerasan di sini tak hanya dalam arti fisik, tetapi juga kekerasan wacana yang terekspresi melalui kecenderungan mereka yang dengan mudah mengeluarkan fatwa murtad, kafir, syirik, dan semacamnya bahkan kepada sesama Muslim.

Agus Muhammad, Peneliti pada Perhimpunan Pengembangan Pesantren dan Masyarakat (P3M) Jakarta

M&A activity fuels record run

Investors savoured one of their best weeks this year as a spate of merger and acquisition activity and continued strength among resource stocks pushed the sharemarket to record highs on four out of five days.
The market's performance is again forcing brokers to rewrite their predictions as the passing of the milestone 5000-point mark early last week - which many believed would not occur till year's end - becomes a distant memory.
Despite records continuing to tumble, investors show few signs of shying away from buying highly valued stocks as the fundamentals - a strong world economy, high commodity prices and a falling Australian dollar - remain strong.
On Friday, the sharemarket posted its third consecutive weekly gain. The bourse has gained more than 7 per cent in the first quarter, compared with a 6 per cent jump for Britain's FTSE and a rise of 4.6 per cent for the US Dow Jones blue-chip index.
The heavyweight mining companies were responsible for much of the gains as the benchmark ASX 200 index rose 14.7 points to 5129.7 on Friday - up 89.6 points, or 1.8 per cent, over the week. The All Ordinaries closed 15.6 points higher at 5087.2 on Friday, up 86 points over the week.
BHP Billiton surged more than 8 per cent over the week - spurred by speculation its buyback of the Australian stock will rise from $1.5 billion to $2 billion. It closed up 40c at a record $28 on Friday. The miner surpassed $100 billion in market capitalisation, a first for an Australian company.
Rio Tinto also soared almost 5 per cent over the week on expectations of positive outcomes for iron ore prices. The stock was up 89c on Friday to an all-time closing high of $78.85.
Colonial First State's head of investment markets research, Hans Kunnen, said the bourse's gains over the week were "breathtaking" in both speed and magnitude thanks to the M&A activity and strong commodity prices, especially for gold, which reached a 25-year high.
"We'd have to shoot ourselves in the head to foul up the current economic environment," he said.
Telstra rose 4c over the week as speculation mounted that the Government would bow to the telco's regulatory demands, but was unchanged on Friday at $3.74.
Transpacific Industries was the best performer of the top 200 companies as the waste disposal company leapt more than 40 per cent over the week after its launch of a friendly takeover bid for a New Zealand company. The stock closed up 48c at $8.70 on Friday.
Among the biggest losers was the Ten Network, which fell more than 5 per cent over the week after posting a disappointing profit. The stock closed steady at $2.93.
Macquarie Equities' private client adviser, David Halliday, said the fall in the dollar was a boost for the market, as it translated into higher earnings for export-orientated companies, especially resource stocks, which generate most of their earnings from overseas.
While the bourse was unlikely to repeat its gain of 22 per cent last year, Mr Halliday said "at this pace it looks pretty evident that we are going to do 15 per cent or better" in 2006. "It's hard to see too many clouds on the horizon," he said.