But hand-picking companies based on their first letter might
throw up some interesting results. In this third race week, stocks
that began with the letter A, such as AMP (AMP) and Austar United
(AUN), were up. Those with the letter W, like Westpac(WBC),
Wesfarmers (WES), Woolworths (WOW), Woodside Petroleum (WPL), and
WorleyParsons (WOR), all fell.
But this theory was debunked with O - Australia's third-largest,
diversified miner, OZ Minerals (OZL), was down more than 20 per
cent, while Origin Energy (ORG), was up 7 per cent. Other gold
stocks, such as Lihir (LGL) and Newcrest (NCM) shared OZ's pain, as
rapid strengthening of the US dollar forced more selling - it was
down to 11-month lows.
The $9.6 billion purchase of half of Origin's coal seam gas
assets from US energy giant ConocoPhillips was last week's biggest
price-driver.
Origin peer, Queensland Gas (QGC) was the biggest winner from
the deal, rising 30 per cent after Monday's announcement. And it
was one of our best stocks, pushing David Potts into second, after
Doreen. Even if he's not a big Rolling Stones fan, Potts will be
prancing to victory, if this week is as much of a gas as last
week.