Australian Economy

Midday Market Roundup 14/11/2008

🕔11/14/2008 12:57:00 PM

The market is up 114 points – drifting back from its early high of 161 - underperforming the 170 point rise the SFE Futures predicted this morning. All sectors up. Resources outperforming – BHP and RIO up 6.4% and 7.0%. Oz Minerals up 2.2%, Fortescue Metals up 5.9% after being up 8.0% early, Paladin Energy up 8.9% and Woodside up 5.2%. Newcrest and Lihir up 5.7% and 9.3% on the higher gold price overnight. Financials up 2.8% - St George shareholders voted in favour of the Westpac bid – 'exit' the dragon – Monday is the last day of trading in St George.

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CBA's Bad News

🕔11/14/2008 8:27:00 AM

Commonwealth Bank shares took a hiding yesterday after the company's first quarter update saw first half earnings estimates (and those for the full year) put under enormous pressure.

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Corporates: Downgrades

🕔11/14/2008 8:24:00 AM

Negative reactions were the order of the day to yesterday's flood of downgrades or other news. A near 6% drop in the market, after Wall Street's lurch set the tone.

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Chipmakers' Shock

🕔11/14/2008 8:22:00 AM

Normally big end tech stocks like Intel, Nat Semi, Applied Materials and the like don't feature all that much in investor thinking in Australia.

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China's Big Week

🕔11/14/2008 8:19:00 AM

It's been a big week for China and its attempts to stabilise and then kick start its slowing economy.

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Australian Housing: Safe As….?

🕔11/14/2008 8:16:00 AM

In several ways, Australia is better placed than many other countries to withstand the global recession now underway.

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Australian Market Report of November 13: Aggressive Rate Cut Needed

🕔11/13/2008 1:00:13 PM

Yesterday, the Australian share market closed in the red for a second consecutive day with the broader All Ordinaries index ending 38.2 points lower, or 1%, at 3,883.6. The benchmark S&P/ASX200 share index yesterday lost 33.6 points, or 0.9%, to close at 3927.3. The industrial, materials, energy and consumer discretionary sectors sent the market lower.

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