Aussie Companies Benefit from Moratorium's Failure
The Australian Senate's failure to pass a moratorium on interactive gambling added a dollop of sugar to sweeten gaming stocks. Egoli gave Canbet's stock a thumb's up, saying, "Given the growth in turnover (and therefore revenue) derived by CBT in the September month, CBT is on track to achieve significant growth." The publication attributes at least some of the positive outlook to Canbet's sale of non-core businesses, calling the company "a focused bookmaking company.
GoCorp saw its share price increase in value, with Dow Jones noting the high volume of shares traded following last Monday's moratorium vote. On October 12, Dow Jones noted that GoCorp's share price wavered from 9 cents up to 17 cents, its highest levels since September. CEO Paul Appleby was jubilant. "The decision in Canberra was a fantastic decision not only for GoCorp and for the industry, but for the Internet and I'm sure is going to have a positive impact on investment sentiment," he said.
Stocks to Note
While Starnet Communications International announced the launch of its new pari-mutuel wagering module, the company's stock remained virtually unaffected. The last time Starnet's stock price made a significant move up was during the summer, when it temporarily hovered near the $4 mark.
Share prices for Penn National Gaming has been steadily increasing since March, when prices dipped below $8. Prices hit a 52-week high on Oct. 12, when Penn's shares sold at $17.375.
Trading Temporarily Halted on ASX
The Australian Stock Exchange Limited (ASX) temporarily halted trading on October 10, after investors learned that the Australian government has loosened regulations that limit ownership for any one group from five percent to 15 percent. "Anyone wanting to buy more than 15 percent of the ASX will have to apply to the Minister to seek a variation of the limit. A higher limit may be approved if the acquisition is in the national interest, the Minister for Financial Services and Regulation said. "This new policy gives the ASX greater flexibility and lets it get on with the business of operating on the international stage as a competitive world stock exchange. It will [also] place all Australia's markets on an equal regulatory footing."