Banking On The Banks Proves Costly For A Few Of Our Punters
Sun Herald
Sunday February 24, 2008
AS THE popularity of Opposition Leader Brendan Nelson plummeted into single figures during the week, many of the major bank stocks seemed to follow his trajectory.
Mister 9 per cent is positive his single digit is going to be a one-off. Let's hope the falls in Commonwealth Bank, National Australia Bank, Westpac and ANZ are short-lived, too. If you had invested $10,000 in each of these stocks at the beginning of our race, your $40,000 would have dwindled to just $36,071.ANZ chief Mike Smith's shock news that his bank's exposure to the US subprime crisis was bigger than previously thought and bad debt charges could top $1 billion sent a shudder through the market and other banking stocks.That didn't help our resident racer David Potts. ANZ, along with his Commonwealth Bank pick, pushed him into last place. It wasn't a terrific week for our celebrity John Mangos, either, who finished fifth. At least he's consistent - which is more than we can say for his singing (John, and partner Wendy Matthews, were the first contestants to kick off It Takes Two last Tuesday).Adrian Bartels is still in the lead. He likes resources and holds none of the major banks. His only financial services company, Bell Financial, made a comeback last week after making a bid for embattled stockbroker Tricom. Adrian holds Admiralty Resources, our best-performing stock for the second week in a row.Looks like Adrian is set to follow Kevin Rudd's popularity rating upwards - unless there are any Brian Burkes lurking in his portfolio.
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