Australian shares dropped Thursday after the mix leads from Wall Street. Sentiment was dented after the Federal Reserve slightly lowered its economic forecast, while the positive earnings reports and upbeat company outlooks helped to support the US market. Today in early trade, S&P/ASX200 index lost 0.75 per cent while the All Ordinaries fell 0.65 per cent.
The Australian shares gave up 1 per cent shortly after the market opened on Friday led by banks and big miners. The weak commodities prices and decline in Wall Street dented the local market. Today Asian markets also broadly fell after the poor lead from the US.
The Australian shares were stronger after an unexpectedly improved employment data. The market was also helped by a rise in Rio Tinto shares on expectation that it would follow its BHP Billiton in reporting upbeat earnings. At the close, the benchmark S&P/ASX200 index closed 40.9 points, or 0.91 per cent higher, at 4554.3 points while the broader All Ordinaries index rose 42.8 points, or 0.94 per cent, to 4575.8 points.
The share market dropped almost 2% yesterday after Wall Street dropped 4% to its lowest close since the September 2001 terrorist attacks. A late rally among major banks and gains in resources stocks kept the local damage from the fall out from the Lehman Brothers collapse to a minimum. The losses were not as bad as expected but the combined losses of the past two days were significant.
CARDNO LIMITED Investor Briefing - Mr Andrew Buckley, Managing Director; Boardroomradio is pleased to announce that CARDNO LIMITED (ASX: CDD) has published an audio file. The following presentation "I