3:00AM New York, 7:00PM Sydney – Opes Prime collapse continues to ripple through the market. Portman acquires 10% of Golden West. Wesfarmers raise refinance Coles group debt.

Market Sentiments

ASX 200 index gained 0.2% or 10.7 to close at 5,619.60.

The Preliminary market turnover was 2.19 billion shares worth $5.58 billion, with 691 stocks higher, 462 lower and 326 unchanged.

The most traded stock was Citadel Resources Group with 129.7 million shares worth $28.7 million.

Market Driver

BHP Billiton said that the Australian Taxation Office has issued assessments and is in dispute with taxes for the year 2001 to 2003. The dispute involves primary tax and interest of $316.9 million.

In a statement, BHP Billiton maintained that it is entitled to the tax relief claimed. The dispute is in respect of payments made pursuant to a plant completion guarantee, which had been granted by BHP in 1997 to third party financiers of the Orinoco Project in Venezuela.

""""The Taxation Office is still considering whether or not to apply any penalty. The Company is confident of its position. It intends to vigorously defend the assessment. """"The outcome of this dispute is unlikely to be known for some time. In the meantime BHP Billiton believes that the matter is adequately provided for in the accounts,"""" BHP said in the press release.

BHP share rose 1.3%.

Gainers and losers

Of the ASX 200 index stocks, Perpetual Ltd led the gainers with a rise of 6.9% followed by increases in Felix Resources of 6.7%, in Fortescue Metals of 6.6%, in Crown Ltd of 5.9% and in Macquarie of 5.4%.

Of the ASX 200 index stocks, Centro Retail Group led the decliners with a fall of 23.1% followed by losses in Centro Properties of 19.8%, in Allco Finance Group of 8.9%, in Mount Gibson Iron Ltd of 7.9% and in Valad Property of 7.7%.

Wesfarmers raises $710 million after successful bond pricing

Wesfarmers today said it was raising approximately $710 million (US$650 million) following the successful pricing of a bond issue in the United States to refinance its Coles Group acquisition. The bond offering is expected to close on April 10.

The placement consists of 5-year notes with a coupon of 6.998%, maturing in 2013. The retail giant said the notes would rank equally with Wesfarmers'' existing senior debt facilities and are expected to be rated BBB+ by Standard & Poor''s and Baa1 by Moody''s, in line with the company''s own rating.

""""The US$ proceeds have been fully hedged and will be converted into Australian Dollars. The notes will not be offered for sale in Australia and no shareholder approval is required for the issue of the notes.

Wesfarmers sold in a private-placement of bonds to help repay debt used to purchase Coles Group Ltd in November, including $4 billion of loans due in October.

Wesfarmers share was up 0.3%.

Portman acquires 10% of Golden West Resource