Sydney, Aug 21, 2007 (ABN Newswire) -
The Australian share market retreated this morning. The banks led the market down, credit market uncertainty still at the forefront of investors' minds. Analysts say the pull-back wasn't surprising with investors keen to lock in gains a day after the market had its biggest one day percentage gain in 10 years.
At Midday the S&P/ASX200 index has fallen 25 points to 5,908 and on the futures market the SPI 200's down 3.
In company news this hour, Virgin Blue announced this morning its full year profit almost doubled. Australia's second largest airline says earnings for the year to June 30 rose to $216 million, up from $112 million a year ago. The result was slightly ahead of analyst's forecasts. The airline says the boost in earnings was on the back of rising passenger demand. Shares in Virgin Blue are steady at $2.14
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