Flight Centre

Among the best performing stocks last week (week 42) on the Australian sharemarket were a mixture of energy and mining companies: Nexus Energy (NXS), Paladin (PDN), Pan Australian Resources (PNA), AWB, Mt Gibson Iron (MGX), Sino Gold (SGX), Roc Oil (ROC) and Flight Centre (FLT). All the above best performing stocks for week 42 stocks managed more than 10 percent gain on the trading week. Nexus Energy was the overall winning stock taking in a 16 percent increase after new company takeover speculation and the recent increase in the oil price.

Flight Centre (FLT) is the best performing stock on the Australian sharemarket this week (Winner of the week for week 43 of 2006). The FLT stock closed the week 24 percent higher after a bid for the company. There is a bid by its founders to delist the travel company in a $1.6 billion private equity bid. Founding shareholders led by executive director Graham Turner own 57 per cent of the company, and are offering $17.20 a share to buy out minorities in conjunction with Pacific Equity Partners.