View in Other Languages 4月8日澳洲股市:新一轮焦虑压低市场 Australischen Marktbericht der 8. April: Erneute Sorgen lasten dem Markt 4月8日澳洲股市:新一輪焦慮壓低市場 Australian Market Report of April 8: Refreshed Worries Weigh on the Market オーストラリア市場レポート 4月8日:市場に圧し掛かる新たな懸念 4월8일 호주 시장보고서: 시장 불안감 다시 엄습 تقـريـر سـوق أسـتراليــا الـمالـي 8 نيسان / إبريل : تأثر السوق بتجدد القلق  
Southern Cross Goldfields (ASX:SXG)
Southern Cross Goldfields (ASX:SXG)

Sydney, April 8, 2009 AEST (ABN Newswire) - Overnight Wall Street retreated as investors were nervous about company earnings and concerning the health of financial system. After the closing bell, Alcoa reported a consecutive quarterly loss at the start of the reporting season.

Yesterday the Australian share market is lower after the RBA's rate cut announcement. The S&P/ASX200 index fell 1.3%, or 50.3 points, at 3706.3, while the broader All Ordinaries index was down 1.3%, or 47.9 points, at 3648.9.

Key Economic Facts and Figures

Reserve Bank of Australia has cut interest rates by 25 basis points to 3 per cent, the lowest level in 49 years.

The survey by the Westpac-Melbourne Institute showed its index of consumer sentiment jumped 8.3 percent, or 7.1 points, to 92.7 in April. The improvement is largely due to rising share markets, low interest rates and the government's stimulus plan outweighed a grim forecast for jobless rate.

Today Australian Bureau of Statistics will unveil housing finance data for February.
M&A News

Australian Commercial Property Trust (ASX:ARN) has confirmed it has sold four properties for a total of A$32 million.

Blaze Asset, jointly owned by Advance Energy (ASX:AVD) and Odin Energy (ASX:ODN), has make a bid for Target Energy (ASX:TEX), offering 1c per share and three Advance shares for every four Target shares.

Important Corporate News

Flight Centre (ASX:FLT), Australia's biggest travel agency, expects its annual profit to fall by more than two-thirds due to a sharp fall in air travel during economic downturn. Flight Centre said it expected to report a net profit of between A$36 million and A$44 million for the year to June 30, comparing with a net profit of A$143.15 million in the previous financial year.
The newly announced CEO of PMP (ASX:PMP), Richard Allely, will take a large cut in base pay and incentives. He also said there will be major changes in the company. The printing and distribution group's print operations will be mostly affected.

The National Australia Bank (ASX:NAB) said it would not follow RBA to cut its interest rate as its funding costs remained high. The Commonwealth Bank (ASX:CBA) has said it will only pass on a cut on its standard variable home loans by 10 basis points to 5.64 per cent.

Telstra (ASX:TLS) has raised new hope to become involved in the government's A$43 billion national broadband network program. Prime Minister Kevin Rudd yesterday announced a company jointly owned by the government and private sector will be created to build and operate the broadband network.

Rio Tinto (ASX:RIO) will slash 705 jobs, including full time and contractor positions at its Queensland bauxite, alumina and aluminium operations.

Southern Cross Goldfields Ltd (ASX:SXG) announced today that ongoing field studies, compilation and interpretation of all previous exploration data has highlighted over 100 high priority drill targets, most with potential for large, stand-alone, high margin gold deposits in the Central Yilgarn area of Australia.


Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344

ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 20) (Last 30 Days: 61) (Since Published: 16464) 

View in Other Languages 18462179391710716464152871400713319 (112585)