Market Watch

The fall of Baghdad doesn't seem to have excited stockmarket investors, with the All Ordinaries closing at 2905, against 2942 a week ago. The rally many investors were expecting after a quick and clean war never eventuated. The economic reality of slow world growth and terrorism concerns now seems to have captured the attention of the bears. Oil is currently selling for US$28 a barrel, around the same level as last week. This compares with a pre-war peak of almost US$40 a barrel. Another concern is the likely impact of the SARS virus on incoming tourist numbers. This is having a negative impact on most travel-related stocks. We'll be keeping an eye out for any opportunities this may throw up in the sector. It's important to remember in these turbulent times that such influences, prominent as they may seem, aren't the main game. A great company bought at a good price will almost always end up rewarding patient investors.