Australian Economy

Australian Market Report of November 28: A Quiet Day

🕔11/28/2008 1:00:12 PM

On Thursday, the Australian share market closed higher for a fourth day with around 1.4 per cent stronger led by the big miners as commodities surged. The benchmark S&P/ASX200 index closed up 48 points, or 1.36 per cent, at 3588, while the broader All Ordinaries gained 48.6 points, or 1.4 per cent, at 3528.2. Analysts said the market seems to be a little quiet with less participation, except for some fluctuation after BHP's decision of dumping its takeover bid for Rio Tinto.

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Midday Market Roundup 28/11/08

🕔11/28/2008 11:16:00 AM

Our market is up 92 - outperforming the 32 point rise the SFE Futures predicted. The US market was closed for Thanksgiving Day. We have received a strong lead from the European markets – Resources outperforming thanks mainly to BHP and RIO jumping 5.9% and 7.0% respectively. Metal stocks all up. Energy stocks doing well despite the slight fall in the oil price overnight. Financials flat and the main banks mostly down.

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China/Japan Slumping

🕔11/28/2008 8:19:00 AM

All those people who still believe Australia won't dip into recession in 2009, as the IMF, OECD, Federal Treasury and Reserve Bank, should think again.

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Australian Capex Slowing

🕔11/28/2008 8:18:00 AM

Further confirmation yesterday that the slowdown in capital spending, especially on mining, is accelerating.

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Australian Market Report of November 27: Rally Expected to Sustain

🕔11/27/2008 1:00:58 PM

The Australian market closed lower on Wednesday. The benchmark S&P/ASX200 index ended down 83.4 points, or 2.3 per cent, at 3540.0, while the broader All Ordinaries dropped 95.8 points, or 2.68 per cent, to 3479.6. Analysts expect the US rally sustain for a while as there are some good signs in the global financial markets.

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Midday Market Roundup 27/11/08

🕔11/27/2008 11:38:00 AM

The market is up 71 following a solid session on Wall Street. Energy sector doing well today - up 5.2% on the higher oil price. Resources up 4.6%. BHP opened up 9% but has drifted back – up 5.9%. RIO up 1.6%. More talk about RIO having to cut capital and operational expenditure and as well as aluminium production going forward due to its hefty debt position. Financials underperforming relatively – up 1.5% with CBA up 1.8%. WBC up 1.4%. QBE Insurance down 4.8% after their oversubscribed $2bn institutional placement last night - 97.6m shares at $20.50 each.

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