SEEK Limited

SEEK Limited (ASX:SEK) (OTCMKTS:SKLTY) advises that Zhaopin Ltd (NYSE:ZPIN), its New York Stock Exchange listed subsidiary, has today provided an update in relation to a potential transaction (copy attached).

The Australian sharemarket closed higher Tuesday. Financial stocks were boosted as Westpac's strong earnings result provided a positive sign for the banking sector and Australia's economy. The benchmark S&P/ASX200 index was up 22.3 points, or 0.5 per cent, at 4567.8, while the broader All Ordinaries index gained 20.4 points, or 0.4 per cent, to 4590.8.

Overnight Wall Street was up on economic data, positive earnings and the nomination of Federal Reserve chief Ben Bernanke to serve a second term. The Conference Board's August index of consumer confidence rose for a second month, exceeding economists' forecast.

US stocks ended flat overnight in light trade volumes as the market was awaiting the economic data this week. The Dow Jones Industrial Average edged higher to its highest close in more than nine months.

Yesterday the Australian shares market appeared to be decoupled from Wall Street. The local shares shrugged off the bad lead of US stocks and finished firmer with rising in all sub-sectors, as traders put more of their attention to the local news. The benchmark S&P/ASX200 was up 2%, or 74.8 points, at 3743, while the broader All Ordinaries surged 1.9%, or 68.6 points, at 3695.8.

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.

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.