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BHP Billiton Limited
ASX:BHP ISIN:AU000000BHP4
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Yesterday the Australian stock market slumped more than 3% with the negative lead from UK. The benchmark S&P/ASX200 index ended 112.7 points, or 3.1%, lower at 3,476.6, the lowest level in two months, while the broader All Ordinaries lost 106 points, or 3%, to 3,425.
Australian shares yesterday closed higher after the lift of commodities prices. The benchmark S&P/ASX200 index was up 38.4 points, or 1.08 per cent, at 3,589.3, while the broader All Ordinaries index advanced 36.1 points, or 1.03 per cent, to 3,531 after a positive lead from Wall Street on Friday.
Upstream oil and gas company Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased to announce that the Company has entered into a conditional heads of agreement with BHP Billiton Petroleum Pty Limited (BHP Billiton) to farm‐out 60% of its interest in Service Contract (SC) 55. SC55 covers a deep water block located offshore southwest Palawan Island, in the Philippines.
On Friday, the Australian stock market closed lower, with the benchmark S&P/ASX200 index fell 42.5 points, or 1.2 per cent, to 3,489.9, while the broader All Ordinaries reversed 40.9 points, or 1.18 per cent, to 3,427.2. The ASX200 lost about 6.8%, and the broader All Ordinary fell 6.7% for the week. Resource stocks may continue the decline after the price of commodities, including gold, oil and copper fell.
On Wednesday, the Australian stock market closed marginally higher as figures showed that economic growth slowed to a crawl in the September quarter. The benchmark S&P/ASX200 index rose 5.6 points, or 0.16 per cent, to 3,533.8, while the broader All Ordinaries added 3.1 points, or 0.09 per cent, to 3,476.5. In recent weeks, the Australian share kept see-sawed during the trading day. In a short term investors remained cautious to any trigger on the market, while the impact for low interest rates and government stimulus may need some time to work.
Yesterday, benefited from the US government's bailout plan on Citigroup, the Australian market benchmark S&P/ASX200 share index had its best day in more than 11 years, jumping 5.8%, or 198.3 points, to 3623.4, while the broader All Ordinaries index was up 5.5%, or 186.6 points, to 3575.4. Analysts say the market sentiment remains fragile as fundamental problems have not changed, although world governments are taking action to stimulate economy.
Wall Street slumped on Friday with hedge fund selling in advance of a Saturday deadline. On Friday, the Australian sharemarket reversed its sharp losses of mid week to close up over one per cent following a strong US lead and higher base metals prices. As the G-20 leaders failed to come up with specific stimulus action after their weekend meeting in Washington, analysts expect the market volatility to continue but it would be getting close to the bottom.
The Australia share market closed marginally weaker after a 75 basis point interest rate cut by the RBA boosted the bourse back from earlier sharply lower levels. The deep cut mirrors RBA's worry about the domestic and global economic outlook. Analysts said the Australia market may have hit the bottom last week at about 3600 points, and the Democratic win in the US election will also give a positive lead to the Australia market.
Overnight Wall Street closed with a 2.1 per cent gain, qualifying it as one of the quietest sessions in October. As the recent Australian share market has never made consecutive gains more than two days, analysts speculate a flat market today. Investors may take the breather as they did and wait until the expected RBA rate cut next Tuesday to move back into the market.
Overnight Wall Street slumped in late trading with Dow Jones Industrial Average ended the day down 2.5%. Australia's benchmark S&P/ASX-200 share index yesterday advanced almost 4% for a second straight session, bringing the two-day increase to more than 8%, as buyers flooded back into big mining companies.
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