The Australian stocks market on Tuesday extended gains as Dow Jones index hit a two-month high due to strong US new home sales and corporate earnings.
Shortly after the opening bell, the S&P/ASX200 Index rose 0.74 per cent, and the broader All Ordinaries Index was up 0.7 per cent.
AXA Asia Pacific Holdings Ltd. (AXA APH) (ASX:AXA) Chief Executive Andrew Penn said Thursday the company's Hong Kong business was profitable and growing with sales for the first half up 20 per cent on year. Growth was also accelerating across the Asia region with sales increased 52 per cent in the first half of 2010 compared to the same period last year.
Australian shares opened flat this morning. Wall Street overnight closed in the red despite the US market pared most of its early losses after news of halted flow of oil into the Gulf of Mexico. The losses were caused by disappointing economic data including inflation figures, manufacturing in New York and industrial production across the country.
The Australian share market gave up its early gains to finish 0.3 per cent lower on Monday while Asian markets were weaker. The benchmark S&P/ASX200 index was down 16.6 points, or 0.39 per cent, at 4,222.1, while the broader All Ordinaries index shed 14.3 points, or 0.34 per cent, to 4,250.6.
The Australian shares Wednesday continued to decline in early trade, led by financial stocks. Overnight Wall Street closed lower in a choppy trade as investors wobbled on Europe's debt issues despite the upbeat US economic data. Meanwhile, declines energy sector weighed on US stocks, after the US government said it was starting civil and criminal investigations on the Gulf of Mexico oil spill.
The Australian share market was higher in early trade today despite Wall Street delivered a weak lead. Overnight US stocks reversed strong gains to close lower on worries over Euro amid the lingering Europe debt crisis. The newly released OECD economic outlook, predicting strong economic growth, has supported the local market today.
AMP Ltd (ASX:AMP) says it is still interested in acquiring the AXA Asia Pacific Holdings' (ASX:AXA) Australia and New Zealand business while the Australian competition watchdog did not block its proposal.
