Stockland

Yesterday the Australian stock market closed marginally higher despite a big lead from United States markets. The banking sector was pulled down by Commonwealth Bank as it tried to sell shares to institutional investors for A$2 billion capital raising. The benchmark S&P/ASX200 index had gained 14.4 points, or 0.4 per cent, to 3570.6 points, while the broader All Ordinaries index was up 16.1 points, or 0.46 per cent, at 3515.0 points. Commonwealth Bank's termination of the share placement and rising bad debts has hit the confidence of the banking sector.

Yesterday Australian shares closed lower as almost all sectors were down. The benchmark S&P/ASX200 index was down 35.2 points, or 0.98 per cent, at 3556.2, while the broader All Ordinaries index was down 36.8 points, or 1.04 per cent, at 3,498.9 points. Telecom sector continued to lose on Telstra's failure to submit an adequate tender for the national broadband network.

Yesterday, the Australian share market closed in the red for a second consecutive day with the broader All Ordinaries index ending 38.2 points lower, or 1%, at 3,883.6. The benchmark S&P/ASX200 share index yesterday lost 33.6 points, or 0.9%, to close at 3927.3. The industrial, materials, energy and consumer discretionary sectors sent the market lower.

Overnight Wall Street slumped in late trading with Dow Jones Industrial Average ended the day down 2.5%. Australia's benchmark S&P/ASX-200 share index yesterday advanced almost 4% for a second straight session, bringing the two-day increase to more than 8%, as buyers flooded back into big mining companies.

Overnight the Wall St took a dive on grim economic news pointing to weaker growth and profits in the year ahead, with Dow Jones Industrial Average fell 7.87% for its biggest percentage loss since October of 1987. The US Federal Reserve's snapshot of business conditions said economic activity was weaker across all 12 districts in September and consumer spending fell in most regions.

Yesterday Australian shares rallied to their biggest one-day gain since October 1997. Confidence in Australian banks was buoyed by Prime Minister Kevin Rudd's announcement that all deposits in Australian financial institutions would be guaranteed for three years. Analysts said last week the market probably hit the bottom when investors were in the depths of fear and panic, but recovery may cost a long time. Despite the short-term buoyancy, the Australian market remains fearful of deeper plunges, especially if the powerful US market continues to falter.

Yesterday, the Australian share market closed at a fresh three-year low, plummeting 5% as the continuing fallout from the global credit crisis wiped A$56 billion from the value of stocks. The benchmark S&P/ASX-200 share index lost 5% yesterday, the biggest one-day fall for both major stock exchange indices since January 22 this year. RBA has said the Australian economy is slowing faster than originally anticipated. Analysts said the sell-off is totally unemotional. Markets across Asia also slumped with 5-10% drop in Tokyo, Hong Kong, Singapore, Mumbai and Jakarta.

Share markets around the world rebounded strongly on Friday as regulators took steps to shore up the financial system. The Australia sharemarket regained much of its losses last Friday, closing 4.3% higher, but still down 2% for the week.