After a strong initial public, offering Billabong International Ltd. isnow poised to join the Australian Stock Exchange 200 index.
The stock rose today twenty cents (or 5.1 percent) to a record $4.10 onthe news.
According to a Bloomberg report, the Australian Stock Exchange said itwould include Billabong on both the ASX 200 index and the ASX 300 indexstarting November 1. This means index-weighted funds will buy bepurchasing Billabong stock.
Earlier, Billabong rose as high as a record $4.15 Australian dollars.
Billabong expects sales to rise 47 percent to $33.6 million Australiandollars ($175.6) in the year ending June 2001. It has forecast earningsbefore interest and tax to grow 76 percent to $66.7 million Australiandollars in fiscal 2001. FMR Corp., the owner of Fidelity Investments,acquired 5.4 percent of Billabong in August.