Despite Kevin Rudd’s announcement that Australia is on the brink of recession, shades of optimism have shone through in a quiet, yet good week for the market.
With investors elated as the Dow Jones rose 7 per cent on Monday, other markets followed suit. In spite of a drop of 0.3 per cent in the Telecommunications index, the ASX Info Tech gained 23 points on Tuesday; up almost 5 per cent. However, it lost 14.4 points of that on Wednesday, to remain about nine points ahead at closing.
The All Ordinaries peaked early around 3575 before closing at 3517.3 on Tuesday, a gain of 1 per cent. That was consolidated on Wednesday with a further gain of 28.9 points.
Earlier this week, Australian unified communications provider, Azurn (ASX: AZU), said it hoped to raise $3 million through an Initial Public Offering of 15 million shares issued at a price of $0.02. The offer is expected to close on or before the end of March and trading on the ASX to begin in April. The estimated market capitalisation is $50 million.
Other good news related mostly to expansion plans and recruitment drives.
Specialty distributor, WhiteGold Solutions, is continuing to grow, opening offices in Sydney, Melbourne and Perth and recruiting more staff. It even tripled floor space at its Sydney warehouse.
WhiteGold general manager, Dominic Whitehand, said the company’s willingness to push ahead was because of the potential growth in security solutions take-up.
Extend Technology is also spreading its Australian footprint by opening a Perth office to serve WA interests. While starting out with just seven staff, the SAP partner plans to increase that number to 30 by the end of the year.