Australian stocks: Market drops as profit takers cash in

Caltex Australia shares fell eight cents to $9.89 after telling the market it expected a lift in after tax profit in 2004 of more than 65 per cent compared to last year.

Amcor ended the day six cents higher at $6.83 after the troubled global packager plunged 77 cents yesterday in the wake of investigations into possible price fixing in its cardboard box division.

Foodland shares continued to surge amid a takeover bid from rival Metcash, lifting 42 cents to $24.94 on expectations of a possible counter bid.

Metcash rose five cents to $3.42.

The top traded stock today was Multiemedia which rose 0.3 cents to 3.1 cents on a volume of 54.7 million.

National turnover was 1.4 billion worth $3.8 billion with 450 stocks up, 1,134 down and 344 unchanged.

- AAP