Murchison Metals Limited

Yesterday the Australia market stayed on the red for the third consecutive day. Both the Aussie dollar and the S&P 200 Index fell lower on the news of the latest GDP figures. The benchmark S&P/ASX200 index ended down 1.6%, or 52.8 points, at 3166.4, while the All Ordinaries index loses 1.4%, or 45.5 points, at 3125.9.

Yesterday the Australian share market weathered the bad lead from Wall Street and ended with a modest drop. The benchmark S&P/ASX200 index closed down 0.4%, or 14.3 points, at 3474.4, while the All Ordinaries fell 0.3%, or 10.5 points, at 3418.1. Today traders are expecting Rio Tinto's earnings report with a profit increase and details of the talks with Chinalco over the A$30 billion cash injection deal.

On Friday, the Australian share market closed down to a near five-year. The benchmark S&P/ASX200 index was down 144.1 points, or 4.13 per cent, at 3,342.7 while the broader All Ordinaries index fell 131.6 points, or 3.83 per cent, to 3,300.3. The market is expected to stabilize today after the good leads from US and European stock markets.

Yesterday the Australian share market closed 3.5 per cent down at fresh four-year lows, largely dragged down by banks and miners, wiping A$34 billion from the value of the market. The benchmark S&P/ASX200 index was 129.8 points, or 3.55 per cent lower at 3523.2, while the broader All Ordinaries lost 126.4 points, or 3.47 per cent, to 3513.1 led down by resource and banking stocks. Analysts said the market fell more than expected as it was closing to the end of short-selling ban.

Share markets around the world rebounded strongly on Friday as regulators took steps to shore up the financial system. The Australia sharemarket regained much of its losses last Friday, closing 4.3% higher, but still down 2% for the week.

Yesterday the Australian sharemarket closed lower for the third consecutive day on concerns that Wall Street's latest banking woes would hit Australia. The four major banks deducted the most from the index with their major losses of more than 3% following Lehman Brothers' announcement overnight in New York of asset sales.
Yesterday, the benchmark S&P/ASX200 fell 91.2 points, or 1.85 per cent, to 4,814.3, while the broader All Ordinaries shed 89.9 points, or 1.81 per cent, to 4,871.5.

Australian shares closed firmly in the black yesterday for the second consecutive day, driven by a positive US lead and higher prices overnight for copper, nickel and oil. DJ Carmichael research assistant Peter Kopetz said investors remained cautious and would continue to looking for more signs of positivity from company earning reports during the latter part of the profit reporting season in August. More big swings in the US are expected as their profit reporting season continues.

The Australian share market was boosted by banks yesterday after investor confidence returned following a rally overnight on Wall Street. The benchmark S&P/ASX200 index rose 89.2 points, or 1.84%, to 4936.7, while the broader All Ordinaries climbed 85.4 points, or 1.73%, to 5008.7.

Yesterday, the Australian share market was 3.5 per cent higher to post its biggest single-day rise in almost four months as bargain hunters snapped up banks, property trusts and miners.

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