The Australian stocks market delivered a strong opening on Friday after Wall Street and European markets rallied overnight. The US shares were boosted by the encouraging corporate results and a better-than-expected report on existing home sales.
Cimic Group Ltd
The Australian market retreated yesterday, giving up most of the gains from previous trading session, while China signaled that the government there would not be a significant rise in the Chinese yuan in a short run. At the close, The benchmark S&P/ASX200 index ended 54.3 points, or 1.2 per cent lower, to 4558.3, while the broader All Ordinaries index was down 51.4 points, or 1.1 per cent, at 4581.3.
The Australian stocks market was slightly lower in early trade, while Wall Street delivered a flat lead overnight. Yesterday the local market posted a strong gain of 1.2 per cent, led by materials and energy stocks.
Australian Market Report of June 3, 2010: Leighton (ASX:LEI) Secured A$273m Mining Contract in Mongolia
The Australian market Thursday delivered a strong opening, supported by optimism towards the US economy. The catalyst for the jump was the better-than-expected figures in pending home sales in the US, which pushed Wall Street higher overnight. The local market had been in a negative territory for three consecutive days this week. The S&P/ASX 200 index today rebounded with a 1.8 per cent jump in early trade.
Australian Market Report of May 17, 2010: Chinese Govt Approved Investment in Kagara's (ASX:KZL) Mungana Goldmines
The Australian stock market opened sharply lower on Monday led by material sector. European bourses broadly tumbled on Friday as European governments' deep spending cuts increased worries over the region's economies. The negative sentiment also spreads through Wall Street and Asian Markets. The Australia's S&P/ASX200 index Monday fell approximately 1.8 per cent in early trade. In economics news today, the Australian Bureau of Statistics releases lending finance data for March.
Australian shares dropped on Monday as investors were nervous ahead of the EU meeting over Greek debt. Trading was quiet in local market while most Asian bourses were closed for Lunar New Year on Monday, Wall Street also closed because of a public holiday. At the close, the benchmark S&P/ASX200 index fell 16.6 points, or 0.4 per cent, at 4545.5, while the broader All Ordinaries index shed 18.4 points, or 0.4 per cent, to 4570.4.
The Australian sharemarket eased some early gains and closed slightly higher on Friday. This was the first weekly gain in five weeks while the global markets had been shadowed by China's monetary tightening, worries on US economic recovery stability and sovereign debt issue in Euro zone.
Australian stocks declined yesterday on profit taking selling after US aluminium giant Alcoa reported its fourth quarter earnings result, which missed the market expectations. The resources sector drove the local shares lower. The benchmark S&P/ASX200 index closed down 51.2 points, or 1.03 per cent, at 4,899.5 points, while the broader All Ordinaries index lost 49.6 points, or one per cent, to 4,931.6 points.
Dow Jones Industrial Average edged higher overnight towards the 10,000 points psychological level, helped by a market confidence on corporate earnings of blue chip companies. Energy stocks were also up on the back of a jump in crude oil prices.
Mr Riad T. Al Sadik, Chairman of the Al Habtoor Leighton Group (HLG), announced that Mr Laurie Voyer has been appointed as the new Managing Director of the Group.