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Showing posts from March, 2008

Opes prime debacle continues to trickle down the bad news

so " what is this opes prime fall out all about  "THE collapse of Opes Prime will wreak havoc on the small to mid-cap sector over the next couple of weeks as its main creditors, ANZ Bank and Merrill Lynch, retrieve their money by liquidating a $1.5 billion portfolio of Australian shares filled with stocks, including ABC Learning Centres, Allco, Clive Peeters, Hedley Group and Just Group. The opes prime website  > http://www.opesprime.com.au/FALLOUT from the first collapse of an Australian stockbroker in a decade will hang over financial markets today, as the banks behind Opes Prime order the sale of more shares in an effort to recover $1 billion in loans to the failed business.Federal Treasurer Wayne Swan says he does not think the market will be adversely affected by the collapse of stockbroking firm Opes Prime.Mr Swan met this morning with the Australian Securities and Investments Commission (ASIC) after the firm's collapse. The Melbourne-based company has gone into…

HAS THE AUSTRALIAN STOCK MARKET REACHED BOTOM ?

IS THE AUTRALIAN STOCK MARKE SLIDE OVER ?HAS THE MARKET FREE FALL ENDED ?HAS THE MARKET REACHED THE BOTTOM ?HAS THE SUBPRIME FALLOUTS ENDED ?THE Australian share market managed this week its largest gain since last August, despite another poor lead from Wall Street.After the  constant rout in the shares from the  past few months  there has been no letting go in the constant downturn in stock prices.But now that the GOLD and OIL prices have also risen sharply  to dizzying heights  and finally crashing down . Is this a sign that  the bottom of the market has reached.Well my personal point of view is that the market  has reached the bottom , but there will still be a few minor  dips on its climb up to a more  stable Market level that is not overpriced like it was before the market crashed with the sub-prime crisis.Another session of US equity losses and fears about the US banking sector and the news of the Australian financial services group Opes Prime going into receivership did little…

NAB - National Australia Bank raises interest rates

NAB raises interest ratesThe new rate takes effect from tomorrow morning National Australia Bank has announced an increase of 0.09 of a per cent to its variable home loan interest rate.The rise brings the bank's variable rate to 9.36 per cent. The new rate takes effect from tomorrow morning. The bank says the change reflects the sustained increases to short- and long-term wholesale funding costs. The Australian share market closed more than three per cent higher as bargain hunters snapped up stocks in droves following signs of improved business confidence in the United States.At the close on Tuesday, the benchmark S&P/ASX200 index was 190.9 points or 3.72 per cent higher at 5318.4, while the broader All Ordinaries gained 169.5 points or 3.27 per cent to 5353.5.Technorati tags:

Financial sector rises High on Australian market

Australian shares up more than 3 percent; financial stocks lead gains.Australian shares closed sharply higher on Wednesday as financial stocks soared after a Federal Reserve rate cut and better-than-expected results from Goldman Sachs (NYSE:GS) and Lehman Brothers (NYSE:LEH) soothed anxiety over the troubled credit markets.
The Fed cut its benchmark fed funds rate by 75 basis points to 2.25 percent overnight to its lowest level since December 2004, and signalled it was prepared for further cuts if needed.
Overnight, the Dow posted its biggest one-day point gain in more than five years, spearheading a rally in global equity markets.
Europe, Asia; UBS, National Australia Gain Stocks rose in Europe and Asia for a second day as the Federal Reserve's cut in interest rates helped bolster speculation banks will weather the credit-market turmoil and China Mobile Ltd. reported higher-than-expected earnings. UBS AG, Europe's largest bank by assets, and National Australia Bank Ltd. led …

David Haselhurst has joined money magazine

A particularly interesting interview was the last one, with David Haselhurst. Haselhurst writes 'The Speculator' column with The Bulleting. Over thirty odd years, the imaginary portfolio that is held by that column has outperformed even Berkshire Hathaway.
The Success of David Haselhurst
The problem is that the portfolio has remained just that: imaginary. Haselhurst does not trade in shares that he writes about, worrying that to do so is to engage in a conflict of interest. Obviously, Rene Rivkin and he did not read the same book on journalist ethics.
Each chapter is followed by a three or four line summary, presented as a 'Quick Lesson.' These can be very simple (don't trust what companies claim on their own websites) to more complex (discounting future revenue growth by some estimated cost factor).
The chapters are short and the science not too challenging. This is a good little book that makes for good reading in a place such as an airport lounge. As inevitable as …

Banks stocks rises as the Resources stocks struggle

Banks stocks regain some groundIt has been another rocky day on the Australian share market, which has touched a fresh low for 2008 falling by as much as 2.1 per cent. But stocks have erased some of the losses late in trade, to close 1.2 per cent lower.Australian business confidence held close to the lowest in more than six years after the central bank raised interest rates and stock markets tumbled today again. The All Ordinaries Index shed 65 points to 5,211 and the ASX 200 dropped 46 points to 5,134. Initially the banking stocks were lower, but they have clawed back as investors deserted the resources sector. All of the big banks have closed above 2 per cent, with ANZ and Westpac both up around 4.3 per cent. The mining index has fallen to its lowest level in almost a month on weaker base metals prices.Rio Tinto shed 5.7 per cent to $119.30. BHP Billiton dropped 4.6 per cent to $35.59. British company Consensus Business Group has put forward a bid for Challenger Infrastructure Fund,…

Australian Market shocking $114 Billion Down

Australian shares fell 3 per cent to a six-week low on Friday, with financial firms leading declines, on fears that more credit market problems would tip the US into a recession and drag global economies down with it.
THE Australian share market is in a quandary with confidence badly sapped by bad news about careless lending and investment here and overseas, leaving all but the bravest investors on the sidelines in a week when share losses approached $114 billion.As another volatile session stripped 3.2 per cent from the S&P/ASX 200 Index yesterday, stock advisers were at a loss to explain the steep drops, saying investor resilience had been shot to pieces with an absence of institutional buying, made worse by hedge fund short selling continuing to feed off the dismal sentiment. The benchmark S&P/ASX 200 index dropped 163.6 points to 5,271.9 by 0044 GMT, its lowest level seen January 23 and after rising 1.1 per cent in the previous session.
New Zealand's benchmark NZX-50 i…

Indian stock market crash leads the fall in asia stock markets

Sub-prime woes impact sentiment, farm-loan waiver hits bank stocks. Indian markets continued to be gripped by the pessimism afflicting global markets after the benchmark equity indices fell the most in Asia on Monday. This followed a 3 per cent fall in the S&P 500 index on Friday owing to a deepening of the sub-prime, or high-risk home loan market, crisis in the US. The fall in Indian stock markets on Monday reflect what is happening globally and there was not much cause for worry as India's growth stock was intact, Finance Minister P Chidambaram has said.
"You switch on the TV at 10 a.m. I switch it on at 8 p.m. I see what has happened to Hang Seng, Nikkei," the finance minister told a post-budget interaction with Indian industry at the Vigyan Bhavan conference centre here.
"The Asian markets have slipped today (Monday) because of the fears of a recession in the US. And what is happening in India only shows that we are not as decoupled as we may think we are,&qu…

Oxiana and zinifex Merge News - up 14% from last closing price

Oxiana website  - http://oxiana.com.au/Zinifex website - http://zinifex.com.au/Zinifex shareholders will receive 3.19 Oxiana shares for each share held by them. The offer values Zinifex shares at A$12.68 each, up 14% from last closing priceAustralian miner Oxiana Ltd. has agreed to purchase rival Zinifex Ltd. for A $6.2bn (US$5.8bn) in an all-stock deal, forming a A$12bn miner and the world's second-largest producer of zinc. Technorati tags: , , , , , , Under the agreement, Zinifex shareholders will receive 3.19 Oxiana shares for each share held by them, the two Melbourne-based companies said in a statement today. The offer values Zinifex shares at A$12.68 each, 14% more than the last closing price. Aussie stocks lower; Just Group advances55 minutes ago, source: REUTERS SYDNEY, March 4 (Reuters) - Australian shares fell 0.5 percent on Tuesday, adding to steep falls in the previous three sessions, as credit concerns and a widely expected…