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But the market defied US woes in morning trade, lifted by banking stocks, and at midday the S&P/ASX200 index had risen by 25 points, while the All Ordinaries added 15.
Wall Street was rocked on Tuesday by a 14 per cent decline in the shares of investment bank Lehmann Brothers. Fears are growing that the bank is being forced to raise billions of dollars in capital, although it has strongly denied rumours that it is borrowing directly from the Federal Reserve.
By close of trade, the Dow Jones Industrial Average had lost 100 points, while the Nasdaq composite had fallen 11.
In Asian trading today, Japan’s Nikkei was up 175 points at noon, while Hong Kong’s Hang Seng slipped 48.
In ASX news today, Babcock & Brown Power said that it has refinanced a $2.7 billion debt facility with a syndicate of 12 banks, and that it expected to refinance a further $360 million corporate facility by the end of August.
The company, which holds stakes in 14 power stations in Australia and New Zealand, saw its shares slump more than 40 per cent during May when it issued statements relating to its debt position. Shares in the company were up more than six per cent at noon today.
In other news, mining contractor Ausdrill today raised its full year forecast on strong conditions in the mining sector.
Ausdrill, which is currently the subject of a takeover bid by Macmahon Holdings, said it expects operating profit to June 30 to come in 27 per cent up on last year, at $35 million. The profit upgrade is a six per cent rise on Ausdrill’s February forecast, but the company said the new figures did not include any takeover defence costs.
Finally, the Australian economy grew more than was expected in the first quarter of 2008, according to key figures released today by the Australian Bureau of Statistics.
ABS said gross domestic product and consumer spending for the March quarter, both rose by 0.6 per cent, with the economy showing considerable resilience to high interest rates and surging household budgets.
In individual share price movements on the ASX this morning, resource stocks were mixed. At noon, BHP Billiton was up 25 cents, Fortescue Metals fell 40, Rio Tinto gained 25 cents, while Woodside Petroleum lost $2.62.
All the major banks made gains this morning. ANZ was up 26 cents at noon, Commonwealth Bank put on 41, National Australia Bank gained 18 cents and Westpac added 14.
Other blue chips also made gains. AMP was up 17 cents at noon, News Corp rose 23 cents, Telstra added four cents, while Woolworths gained 39.
Wall Street was rocked on Tuesday by a 14 per cent decline in the shares of investment bank Lehmann Brothers. Fears are growing that the bank is being forced to raise billions of dollars in capital, although it has strongly denied rumours that it is borrowing directly from the Federal Reserve.
By close of trade, the Dow Jones Industrial Average had lost 100 points, while the Nasdaq composite had fallen 11.
In Asian trading today, Japan’s Nikkei was up 175 points at noon, while Hong Kong’s Hang Seng slipped 48.
In ASX news today, Babcock & Brown Power said that it has refinanced a $2.7 billion debt facility with a syndicate of 12 banks, and that it expected to refinance a further $360 million corporate facility by the end of August.
The company, which holds stakes in 14 power stations in Australia and New Zealand, saw its shares slump more than 40 per cent during May when it issued statements relating to its debt position. Shares in the company were up more than six per cent at noon today.
In other news, mining contractor Ausdrill today raised its full year forecast on strong conditions in the mining sector.
Ausdrill, which is currently the subject of a takeover bid by Macmahon Holdings, said it expects operating profit to June 30 to come in 27 per cent up on last year, at $35 million. The profit upgrade is a six per cent rise on Ausdrill’s February forecast, but the company said the new figures did not include any takeover defence costs.
Finally, the Australian economy grew more than was expected in the first quarter of 2008, according to key figures released today by the Australian Bureau of Statistics.
ABS said gross domestic product and consumer spending for the March quarter, both rose by 0.6 per cent, with the economy showing considerable resilience to high interest rates and surging household budgets.
In individual share price movements on the ASX this morning, resource stocks were mixed. At noon, BHP Billiton was up 25 cents, Fortescue Metals fell 40, Rio Tinto gained 25 cents, while Woodside Petroleum lost $2.62.
All the major banks made gains this morning. ANZ was up 26 cents at noon, Commonwealth Bank put on 41, National Australia Bank gained 18 cents and Westpac added 14.
Other blue chips also made gains. AMP was up 17 cents at noon, News Corp rose 23 cents, Telstra added four cents, while Woolworths gained 39.
