Banks stocks rises as the Resources stocks struggle

Banks stocks regain some ground


It 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.ATMs in Melbourne: Sepia & Color

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.ANZ blotter from early 1950s

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, valuing each share at $3.50.

Challenger’s shares have gained 23.1 per cent to $2.98.


Investor Presentation and Business Update
Sydney Morning Herald, Australia – 9 hours ago
Announcements Australian Stock Exchange Limited By electronic transmission 11th March 2008 Dear Sir Investor Presentation and Business Update Attached

Challenger Infrastructure Fund Shares Surge on Offer (Update2)
Bloomberg – 2 hours ago
Consensus Business is offering to buy the fund’s 303.5 million Class A securities listed on the Australian Stock Exchange and 45 million unlisted Class B

Geelong Advertiser

Allco, the giant that eats itself
Sydney Morning Herald, Australia – 19 hours ago
Allco HIT, the Australian Stock Exchange-listed asset financing business, indicated it would pursue steps to recover a $45 million loan to a subsidiary
Concern for Tigers over mistaken sponsor Real Footy
Administrators take over Allco fund The Age
all 102 news articles »

Western Areas May Add Copper, Zinc to Nickel Assets (Update1)
Bloomberg – 10 hours ago
The company’s shares fell 14 cents, or 2.1 percent, to A$6.53 today on the Australian Stock Exchange. Western Areas has risen 67 percent in the past year in

Hochtief Shares Decline After Drop in Australian Unit’s Stock
Bloomberg – 19 hours ago
Stock of Leighton, in which Hochtief holds a 54 percent stake, fell 8.7 percent. Foreclosures in New South Wales, Australia’s biggest state, are set to rise
Leighton Posts Biggest Three-Day Fall in Four Years (Update1) Bloomberg

Explosives producer Dyno Nobel has gained 6.4 per cent to $2.49.

Fertiliser company Incitec Pivot has issued a $3.3 billion takeover bid for the company.

Incitec has shed 12.1 per cent to $130.94.

Shares in ABC Learning bounced again today, they were up more than 8 per cent to $1.68.

Official figures out today show continued resilience in the housing market.

The number of owner-occupier home loans secured in January rose by 2.3 per cent from the month before.

And there are more signs that economic growth is easing.

National Australia Bank’s business survey shows actual conditions continue to deteriorate with profits, sales and new orders falling.

And an ANZ survey shows job advertisements for February dropped for the first time 15 months.

About 5:00pm AEDT Australian dollar was buying 91.95 US cents, 45.78 UK pence, 93.71 Japanese yen, and 59.87 euro cents.

A barrel of West Texas crude oil was worth $US107.90 and spot gold was fetching $US972 an ounce.


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