IAG

Michael Hawker, Chief Executive officer of Insurance Australia Group (IAG), resigned today in wake of losing investors’ confidence. The company had rejected an A$8.7 billion takeover bid earlier this month by QBE Insurance Group. His resignation was effective immediately and was replaced by the Chief Operating Officer, Michael Wilkins, said the company statement. IAG chairman, James Strong, fully supported the appointment of Wilkins as immediate replacement to Hawker.

Queensland Gas (QGC) was the overall best performing stock taking in a 17.54 percent increase. It was a mixture of financial services, Insurance, beef production and forestry, energy, and oil companies who were the best performing stocks for the week 16 of 2008 of the Australian sharemarket: Allco Finance (AFG), Insurance Australia Group (IAG), Futuris Corporation (FCL), Queensland Gas (QGC), AED Oil (AED). These best performing stocks managed gains above 7.6 percent by the end of the trading week.

AGL Energy (AGK) was the overall worst performing stock taking in a 4.4 percent decrease. Among the worst performing stocks for the week 41 of 2007 of the Australian sharemarket were a mixture of energy, pharmaceuticals and newspaper: AGL Energy (AGK), Sigma Pharmaceutical (SIP), WA Newspapers (WAN). These worst performing stocks recorded losses higher than 4.22 percent by the end of the trading week. Both the ASX 100 index and the ASX 200 index had the same companies in the top three positions for the worst performing stocks.

Commander Communications(CDR) was the overall worst performing stock taking in a 30.1 percent decrease. Among the worst performing stocks for the week 35 of 2007 on the Australian sharemarket were a mixture of communications technology, gambling & gaming, mining and financial services: Tattersall's (TTS), Bendigo Bank (BEN), Insurance Australia Group (IAG), Commander Communications (CDR), Compass Resources (CMR). These worst performing stocks recorded losses between 5.09 to 30.1 percent by the end of the trading week.