Australian Economy

Midday Market Roundup 29/08/2008

🕔8/29/2008 12:01:00 PM

The market is up 68 on the back of an 89 point rise on Wall St and a 53 point rise in the Futures this morning. Our market is following the US lead with financials up 1.7% and resources up 2.2%. Macquarie Group is holding up today (up 1.7%) after yesterday's 9.6% fall as UBS cut their target price to $48 from $60 and warned about "impairment" charges against associated investments. QAN down 6.5% as it goes ex dividend 17c and falls 24c, IAG is ex 9c and OZL 5c. Ex dividend tomorrow - AGK, COH, DOW and SUN. BHP goes ex dividend on Monday along with Woodside and Woolworths.

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Rates, GDP To Fall

🕔8/29/2008 8:34:00 AM

Interest rates will fall by 0.25% to 7% for the cash rate at 2.30 pm next Tuesday and by the close of business, the National Australia and ANZ Banks will have followed suit.

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Market Slump Hits AMP

🕔8/29/2008 8:32:00 AM

AMP Ltd is a proxy for the health of the stockmarket, just as Qantas is a proxy for the oil price.

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No Jackpots For Aristocrat

🕔8/29/2008 8:31:00 AM

Aristocrat Leisure (ALL) is facing a $40 million cost in this half from yesterday's settlement of a $144 million class action against the company.

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Westfield Survives Crunch

🕔8/28/2008 8:37:00 AM

Westfield has managed to again to ride out the credit crunch and economic slump in the US, UK, Australia and New Zealand that has ensnared its peers in the property sector.

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GPT Swears To Change

🕔8/28/2008 8:35:00 AM

Not a word about the outlook for 2009, The management of GPT is still too busy dealing with the realities of 2008 and the damage done by the credit crunch.

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