Adelaide-based investor, Argo Investments told shareholders yesterday that its earnings have been impacted by the equity market meltdown which will continue to squeeze its profits and dividends for the foreseeable future.
Shares in Consolidated Media Holdings finished higher yesterday after being sold off when James Packer confirmed that the company had effectively given up on PBL Media by refusing to put any more money in to the debt-laden company.
I suppose it would be unfair to call the South Korean central bank a bunch of wimps for their biggest ever rate cut of 0.75%% yesterday, but it looks like that.
Considering the words "share issue" was used at its annual meeting yesterday, Bendigo and Adelaide Bank escaped the now usual market pounding reserved for groups seeking to raise money in the current febrile environment.
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Australia market gained total over 8% on last Monday and Tuesday but eroded by sell-offs in the rest of the week. Investors were selling the stocks they can sell. Australian shares have ended the week with another day of losses on fears that a possible global recession may hammer earnings for local companies. Analysts foresee a tough week and expect it will not improve until the credit market gets some sustained improvement.
Not a good start to the week – down 46 or 1.2% - was down earlier more than double the 37 point fall the SFE Futures suggested this morning. We are following Wall Street's poor show on Friday with all sectors down. Financials underperforming. Resources outperforming - Both BHP and RIO are both up 3% and 3.9% after being down earlier in the session. A further 140 companies in the All Ords have hit a fresh yearly low today.
