Babcock & Brown Power (BBP): Best Performing Stocks for the Week 27 of 2008

Submitted by Craig Strzelecki on 5 July, 2008 - 18:22

Babcock & Brown Power (BBP) was the overall best performing stock taking in a 41.24 percent increase. It was a mixture of road development, asset management, aviation, power, utility infrastructure, and media companies who were among the best performing stocks for the week 27 of 2008 of the Australian sharemarket: ConnectEast Group (CEU), Babcock & Brown (BNB), Macquarie Airports (MAP), Babcock & Brown Power (BBP), Spark Infrastructure (SKI), Seven Network (SEV). These best performing stocks managed gains above 9.61 percent by the end of the trading week. Another great performing stock this week which was not in either ASX100 or ASX200 indices was Oilex which closed the week at $1.09 up 20% as a result of a find.

ConnectEast Group, the owner and operator of EastLink, the nation’s biggest road project and which connects the Eastern Freeway in Melbourne's east to the Frankston Freeway in the south and opened in June 2008, was the best performing stock for the ASX 100 index seeing 15.42 percent increase, adding 14 cents and closing at $1.01. Babcock & Brown, an international investment and specialised fund and asset management group with longstanding capabilities in the creation, syndication and management of asset and cash flow-based investments, came in the second position adding 92 cents, increasing 14.46 percent and closing at $7.28. Babcock & Brown was followed by Macquarie Airports, one of the world’s largest private airport owners having a market capitalisation of approximately A$6 billion and over 35,000 investors, including some of the world’s largest pension funds, adding 20 cents (+9.61%) and closing at $2.28. On the ASX 200 index, Babcock & Brown Power, a power generation business, with assets diversified by geographic location, fuel source, customers, contract types and operating mode, was the best performing stock seeing 22.83 percent increase, adding 15 cents and closing at 78 cents. Spark Infrastructure, which has a strong portfolio of Australian utility infrastructure assets comprising a 49% interest in each of CitiPower, Powercor and ETSA Utilities, came next in the line adding 27 cents (+19.28%, closing $1.67). Seven Network, which recognised as one of Australia's leading media companies and Australia's largest commercial television network, secured the third position by adding $1.23, increasing 17.20 percent and closing at $8.38.