Australian share closed at their five-year low point. The benchmark S&P/ASX200 was down 0.1%, or 4.1 points, at 3327.5, while the broader All Ordinaries index also fell 0.1%, or 3.5 points, at 3281.5.
SEEK Limited (ASX:SEK) (OTCMKTS:SKLTY) is a diverse group of companies that have a unified purpose to help people live more fulfilling and productive working lives and help organisations succeed. The Group encompasses a strong portfolio of employment, education and volunteer businesses which span across Australia, New Zealand, China, India, Brazil, Mexico, Indonesia, Nigeria, Bangladesh, Philippines, Vietnam, Thailand, South Africa, Kenya, Malaysia, Hong Kong and Singapore. SEEK makes a positive impact on a truly global scale with exposure to over 4.1 billion people and greater than 30% of Global GDP.
We create world-class product technology solutions to address the needs of jobseekers and hirers and facilitate the matching between jobseekers and hirers across our online employment marketplaces.
Across our employment marketplaces we receive over 375 million visits to our sites every month and have over 3 million job opportunities available at any given time and over 100 million jobseeker profiles.
Overnight US stocks plummeted for a second day with a 4.85% drop as global markets plunged on fears of a deep worldwide recession. Yesterday the 150 basis points interest rate cut of Britain also surprised the market. Economists and analysts questioned the need for such a big cut and believe the economy must be in seriously risk with more dangers ahead. Investors ignored big interest rate cuts in Europe to send markets into steep falls overnight. The key Asian indicators also dropped more than 6.5 percent and wiping out much of the previous rally that had preceded the presidential election in the United States.
The Australian share market closed lower yesterday despite a positive lead from US markets and the United States central bank's rescue of global insurer American International Group (AIG). Overnight Wall Street plunged more than 4% after the US Federal Reserve has announced it would provide AIG with an $US85 billion rescue loan to save it from bankruptcy.
Yesterday the Australian share market was dragged down by a 6% fall in Rio Tinto and broad-based weakness across the resources sector on falling commodity prices and a weak US lead. The benchmark S&P/ASX200 was down 56 points, or 1.1%, to 5060, while the broader All Ordinaries had lost 64.5 points, or 1.2%, to 5130.5.
Yesterday the Australian share market nudged a little higher as gold and oil prices rose and investors anticipated a good profit result from BHP Billiton, which released its result after the market closed.
Economists said resource shares are likely to remain under pressure, dragging the rest of the Australian share market down. The Australian dollar is likely to decline further as falling interest rates and commodity prices weigh on the currency.
The Australian stock market may rise slightly after oil continued to slide, and transport and consumer related stocks may firm on the back of further fall in oil prices.
Yesterday, the Australian share market ended more than 1% lower following sharp losses in the US overnight, with resources and the banks leading the decline locally.
Seek Limited ASX: SEK - 2007 Seek Employment Satisfaction & Motivation Survey - Mr Joe Powell, Sales Director
Seek Limited (ASX: SEK) - 2007 Seek Employment Satisfaction & Motivation Survey - Mr Joe Powell, Sales Director; Seek Limited (ASX: SEK) present the following audio webcast regarding "2007 Seek Employment Satisfaction & Motivation Survey". You may also download this audio webcast to your computer or portable audio player.
Seek Limited (ASX: SEK) - Full Year Results for 2006 - Mr Andrew Bassat and Mr Paul Bassat, Joint CEO; Boardroomradio is pleased to announce that Seek Limited (ASX: SEK) has published an audio file.