Rio Cools On China; Global Markets Plunge
The China boom is over, ended by Rio Tinto in its third quarter production review.
The China boom is over, ended by Rio Tinto in its third quarter production review.
Origin Energy great coal seam gas bonanza continues to generate good times for shareholders.
AGL Energy has confirmed its earning guidance for fiscal 2009, forecasting net profit after tax of between $360 million and $390 million.
CSL says full year earnings may rise as much as 19% because of the recent slide in the value of the Australian dollar.
Yesterday, the Australian share market ended almost 4% higher in its best two-day gain since 1975, adding $42 billion to the value of stocks listed in the All Ordinaries index. As confidence was buoyed, investors rushed back to the big miners and banks and pushed the two-day rally to 9% in total. The benchmark S&P/ASX200 index was up 154.5 points, or 3.7%, at 4335.2, while the broader All Ordinaries index gained 169.6 points, or 4.09%, to 4311.5.
The market is taking a breather after yesterday's gain – down 56 – much better than the 99 point drop predicted by the SFE Futures this morning. Down 4 at its best, down 70 at worst. Property Trusts up 3.1% after underperforming the market yesterday. Stocks hitting fresh yearly lows today include Austar, BlueScope Steel, Fairfax Media, Qantas Airways and K&S Corporation.
Two days after calming any concerns about the banks and financial institutions with a blanket guarantee and backing for the banks' offshore wholesale borrowings, the Federal Government has revealed a $10.4 billion injection into the Australian economy.