what is australia's largest company - by crikey

  1. 18,561 Posts.

    From crikey.com.au


    Shares in our top 3 companies have all surged in recent days but last night represented quite a watershed moment. Never before has the market capitalisation of Australia’s top 3 companies been so close.

    BHP-Billiton hit 16-month high of $11 yesterday and remains our most valuable company at $67 billion. It’s amazing to think it was only worth $51 billion in July when the stock was wallowing at $8.37.

    Telstra gained another 8c to 15-month high of $5.10 yesterday to be valued at $65.6 billion. Yet it was only worth $51 billion in April when it hit a low of $3.96.

    And News Corp soared 37c yesterday to 14-month high of $13.57 to be worth $65.4 billion. Its market value hit a low of $45.2 billion in March this year.

    So as of close of business last night, the league ladder in the race for the title of “Australia’s most valuable company” stood as follows:

    BHP-Billiton: $67 million
    Telstra: $65.6 billion
    News Corp: $65.4 billion

    That’s only $1.6 billion between first and third. But no sooner have we crunched these figures and the market is open again this morning. BHP is up 27c to $11.27, Telstra is up 6c to $5.16 and News Corp lost 8c to $13.49.

    These moves have blown the gap between the top three back out above $2 billion as Rupert has fallen off the pace. But don’t worry, once he issues all that scrip for his Hughes takeover he’ll be the undisputed king.

    Imagine if the rankings at the top of world tennis were as close and exciting as this.

    Finally, a memo to the ASX and all our newspapers which print completely inaccurate capitalisations each week. The government’s 6.464 billion shares in Telstra and the old Billiton shares trading in London are real shares with an equal value to the other ordinary shares on the market. They should be included in the market values and it is completely inaccurate to declare that News Corp is the most valuable Australian company each week. And when listing the News Corp share price, please use the ordinary shares rather than the non-voting preferred stock.

    These things should be so easy.

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