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STOCKS - AUSTRALIAN SHARES OPEN LOWER - 1 MAY, 2003.

AsiaPulse News

| May 01, 2003 | COPYRIGHT 2003 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

BRISBANE, May 1 Asia Pulse - The Australian stock market dropped opened lower with weakness in the financial sector and major resources stocks.

At 1014 AEST, the benchmark S&P/ASX 200 index was 9.7 points easier at 2997.1, while the all ordinaries index fell 8.9 points to 2962.0.

On the Sydney Futures Exchange, the June share price index contract was steady at 2984.0 - a 13 point discount to the underlying index - on a volume of 3,412 contracts at 1015 AEST.

Insurance and financial services shares came under pressure n early trading after financial services giant AMP announced an equity raising to facilitate the demerger of its businesses into two separate listed entities.

AMP plans to demerge its business along geographic lines - Australasia and ...

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