The Australian shares dropped this morning after Wall Street ended its four straight day rises. US shares fell on news that orders for big-ticket items sank in June on weaker demand for airplanes and electronic goods.
Overnight Wall Street posed a solid gain as an upbeat sentiment that the worst is over increased investors' appetite for riskier assets. The shares were lifted by a round of buying in financial shares and a jump in US industrial production data.
US stocks broadly surged on Thursday fueled by the better-than-expected earnings reports. The market's rally pushed the major indexes to their highest closes of the year.
The Australian share market yesterday closed slightly higher with a good lead from Wall Street. The benchmark S&P/ASX200 index gained 12.7 points, or 0.3 per cent, at 3801.1, while the broader All Ordinaries index rose 13.7 points, or 0.4 per cent, to 3795.3. There was a sell-off in late trading as investors drew cash to participate ANZ's capital raising.
The Australian sharemarket has closed at a fresh four-year low after falling more than 1% on renewed global recession fears. Investors actually had expected a much more volatile as the significant declines on Wall Street last Friday gave a negative lead to the local market. Analysts said it was not as bad as expected and the miners performed well yesterday.
Austar United Communications Limited (ASX: AUN) - 2007 Interim Results - Mr John Porter, CEO; Austar United Communications Limited (ASX: AUN) present the following audio webcast regarding "2007 Interim Results". You may also download this audio webcast to your computer or portable audio player.
Unwired's (ASX: UNW) CEO David Spence reports on the company results and outlook via an audio briefing for the financial period ending 30th June 2006.