Fosters Group Limited
The Australian share market strongly rebounded in early trade today, despite a flat lead from Wall Street. The benchmark S&P/ASX200 index was up about 2.2 per cent shortly after the market opened.
The Australian shares gave up most of yesterday's gains this morning with the benchmark ASX200 index retreated 1.7 per cent due to uncertainty over Europe economy. Wall Street overnight finished sharply lower as rescue of a Spanish savings bank triggered new fears over the eurozone debt issues.
The Australian sharemarket closed higher Tuesday. Financial stocks were boosted as Westpac's strong earnings result provided a positive sign for the banking sector and Australia's economy. The benchmark S&P/ASX200 index was up 22.3 points, or 0.5 per cent, at 4567.8, while the broader All Ordinaries index gained 20.4 points, or 0.4 per cent, to 4590.8.
The Australian share market dropped sharply to a three-month low on Friday follwoing the plummet in overseas stocks and commodities prices. About A$31 billion was wiped from the value of stocks after the massive selling in Australian shares. At the close, the benchmark S&P/ASX200 index fell 107.3 points, or 2.32 per cent, to close at 4514.3, while the broader All Ordinaries index lost 111.4 points, or 2.4 per cent, to 4532.7.
The Australian share market closed lower on Friday hit by National Australia Bank and Telstra. At close, the benchmark S&P/ASX200 index fell 19.8 points, or 0.42 per cent, to 4650.5 while the broader All Ordinaries lost 17.7 points, or 0.38 per cent, at 4671.9. The Australian dollar fell to a fresh 10-week low on Friday and closed at US$0.8888.
US market was closed for Thanksgiving Day holiday, but the overseas markets were strongly hit by fears of a debt default by Dubai World, Dubai government's key holding company. Dubai World, which owns strategic global assets, has asked bondholders for a standstill on about US$60 billion in debt until May.
The Dow index gave up last week's success and slipped back slightly over the weekend. US and European stock markets closed lower on Friday after the latest US corporate results disappointed high hopes and pushed Wall Street back down through the key 10,000 points level.
US stocks ended flat overnight in light trade volumes as the market was awaiting the economic data this week. The Dow Jones Industrial Average edged higher to its highest close in more than nine months.
The Board of Foster's Group Limited (ASX:FGL) has approved a $US500 million 3-year syndicated debt facility, following a recent successful road-show and invitation to Asian bank debt markets.
Yesterday, the Australian share market closed higher on the back of stronger commodity prices. The benchmark S&P/ASX200 index rose 49 points, or 1.29 per cent, at 3856, while the broader-based All Ordinaries index gained 49.3 points, or 1.3 per cent, to 3851.5 points.