Allco Finance Group Limited
The Australia share market closed marginally weaker after a 75 basis point interest rate cut by the RBA boosted the bourse back from earlier sharply lower levels. The deep cut mirrors RBA's worry about the domestic and global economic outlook. Analysts said the Australia market may have hit the bottom last week at about 3600 points, and the Democratic win in the US election will also give a positive lead to the Australia market.
IBA Health Group Limited (ASX:IBA)(PINK:IBATF) notes the Announcement on 4th November 2008 after market close that the Board of Allco Finance Group Limited (ASX:AFG) has placed AFG in voluntary administration and that a receiver and manager has been appointed to AFG.
On Wednesday, Australian stocks fell again following a weak Wall Street lead, losing almost all of the gains from previous day. It was hurt by a fall in resources stocks on global recession fears and by disappointing US company earnings that stoked worries about the outlook for profit growth.
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.
The share market closed firmly in the black yesterday, driven by gains in resources and finance stocks following a positive lead from Wall Street. And US stocks gained for a third day overnight led by manufacturers and financial companies.
Wall Street closed sharply higher overnight as another drop in oil prices improved investor sentiment. Wall Street staged a late rally after a mixed session, as a drop in oil prices helped to offset disappointing earnings reports from the likes of Apple and American Express. American Express reported second quarter earnings were below estimates and withdrew its full year earnings forecast.
Last night Wall Street led on easing concerns about a credit crisis, but gains are likely to be tempered by declines in mining and oil companies after oil, gold and base metals prices fell.
Australian shares are set to open softer after fresh bank sector worries saw Wall Street end lower, though firmer resource stocks may lend support. Yesterday the Australian share market closed firmly in the red, with almost all sectors losing ground, dragged lower by continuing signs of weakness in the US economy. CMC Markets senior dealer Dominic Vaughan said the mining and property sectors were poor performers yesterday.
Allco Finance Group Limited (ASX: AFG) - 2007 Annual General Meeting - Mr David Coe, Executive Chairman and Mr David Clarke, MD and CEO, Mr Bob Mansfield, Deputy Chairman; Allco Finance Group Limited (ASX: AFG) present the following audio webcast regarding "2007 Annual General Meeting". You may also download this audio webcast to your computer or portable audio player.
Allco Finance Group Limited (ASX: AFG) - 2007 Annual General Meeting - Mr David Coe, Executive Chairman and Mr David Clarke, MD and CEO; Allco Finance Group Limited (ASX: AFG) present the following audio webcast regarding "2007 Annual General Meeting". You may also download this audio webcast to your computer or portable audio player.