The Australian market fell for an eighth straight session on Thursday and closed at its lowest level in 11 months. The market opened lower after Wall Street fell on disappointing employment data in the US. Sentiment was dented further as a fall in China's purchasing managers' index for June raised concerns of a slowdown in Chinese economy. At the close, the benchmark S&P/ASX200 index slashed 64 points, or 1.49 per cent, at 4237.5 points. The broader All Ordinaries index was down 62.1 points, or 1.44 per cent, at 4262.7.
The Australian market declined for a fifth consecutive session on Thursday, even after a stronger-than-expected labour force report. The falls were led by resources shares and consumer discretionary. At the close, the benchmark S&P/ASX200 index dropped 31.2 points, or 0.7 per cent, at 4606.7 points, while the broader All Ordinaries index lost 29.7 points, or 0.6 per cent, to 4622.9 points.
US stocks closed higher overnight as Dubai World said it was in discussions with banks to restructure US$26 billion in debt and the talks were proceeding on a constructive basis. Global markets strongly rebounded yesterday as investors realised that Dubai's trouble might be a regional problem.
Dow Jones Industrial Average Friday retreated about 1.5 per cent on concerns over the problem of Dubai World. But European shares reversed earlier sharp losses due to some bargain hunting buying.
Wall Street overnight ended the losing streak and edged higher after the better-than-expected retail sales data. The good sales data in August to some extent eased the concerns over the key US employment gauge which is scheduled to release on Friday.
The Australian share market ended higher on Friday, led by banking stocks. The benchmark S&P/ASX200 index rose 62.4 points, or 1.66 per cent, to 3,818.1, while the broader All Ordinaries index gained 59.4 points, or 1.58 per cent, to 3,813.3.
Yesterday, the S&P/ASX-200 share index fell about 1.6%, or 61.3 points, to 3681.2, while the broader All Ordinaries lost 53.7 points, or 1.5%, at 3619. Some US economic research institutions admitted the recession actually started last December, and now the questions are how bad and how long it will be.
Yesterday, the Australian share market ended more than 1% lower following sharp losses in the US overnight, with resources and the banks leading the decline locally.
The sale of one of Australia's leading poultry producers, Bartter-Steggles, has attracted interest from private equity firms and trade players from across the sector. The company is seeking investors to acquire or invest in the business to help fund the growth, development and modernization of the business.
Metcash Limited (ASX: MTS) - Record Profit for 2007 Financial Year - Mr Andrew Reitzer, CEO; Boardroomradio is pleased to announce that Metcash Limited (ASX: MTS) has published an audio file.