Best Performing Stocks for the Week 23 of 2008

Arrow Energy (AOE) was the overall best performing stock taking in a 12.61 percent increase. It was a mixture of drilling services, chemical manufacturing, financial services, energy and mining & exploration companies who were among the best performing stocks for the week 23 of 2008 of the Australian sharemarket: Boart Longyear (BLY), Incitec Pivot (IPL), Challenger Financial Services Group (CGF), Arrow Energy (AOE), Sundance Resources (SDL). These best performing stocks managed gains above 6.06 percent by the end of the trading week.

Boart Longyear, a trusted partner and global leader in providing world-class drilling services and products to customers, was the best performing stock for the ASX 100 index seeing 10.62 percent increase, adding 22 cents and closing at $2.29. Incitec Pivot, a chemical manufacturer supplying agricultural fertilisers and industrial chemicals for Australian and overseas markets, came in the second position adding $15.21, increasing 8.74 percent and closing at $189.21. Incitec Pivot was followed by Challenger Financial Services Group, one of Australia's largest mortgage providers with a mortgage book of $23.1 billion, funding commercial loans as well as a range of residential mortgage products offered by a network of preferred lenders under their own brands, adding 12 cents (+6.06%) and closing at $2.10. On the ASX 200 index, Arrow Energy, one of Australia’s leading producers of coal seam gas with significant assets throughout eastern Australia and Asia, was the best performing stock seeing 12.61 percent increase, adding 42 cents and closing at $3.75. Arrow Energy was followed by Sundance Resources, an international Iron exploration company based in Perth and having the key Iron Ore project located in Mbalam – Cameroon, adding 4 cents, increasing 10.66 percent and closing at 42 cents. Boart Longyear secured the third position of the best performing stocks for the ASX 200 index.