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The Australian share market began the week in negative territory, weighed down by resource and banking stocks, as metal prices and European equities fell on Friday.
At midday the S&P/ASX200 index was down 85 points, while the All Ordinaries lost 83.
Meanwhile in the US, Wall Street is set to re-open today after Friday’s Independence Day holiday. The Dow made modest gains on Thursday following a tumble of almost 1-and-a-half per cent the previous day.
In Asian trading Japan’s Nikkei was down 14 points at midday today, while Hong Kong’s Hang Seng fell 21.
In ASX news today shares in property trust GPT fell more then 15 per cent this morning, after it downgraded its full year earnings guidance by more then 26 per cent on continued global market deterioration.
GPT now expects operating income to December 31 of $464 million, down from a previous forecast of $633 million. The company blamed problems in global credit and property markets, and said it didn’t expect conditions to improve this year.
There was brighter news though for shareholders of diversified financial group Challenger Financial, which this morning announced an on-market share buyback of up to ten per cent.
In a statement, Challenger said that it was planning the buyback on the merits of its low debt position, and strong capital and cash flows. The company also said that it has completed the sale of its financial planning business for $150 million.
Finally, the battle for control of iron ore miner Midwest Corp inched further in Sinosteel’s favour this morning, as the Chinese group revealed that it has upped its stake in Midwest to 45 per cent.
According to a regulatory filing, the group has acquired a further two per cent holding in Midwest since June 13. Midwest Corp is the focus of rival takeover bids from Sinosteel, and Australia’s Murchison Metals, with Sinosteel’s bid valuing its target at $1.36 billion.
In individual share price movements on the ASX earlier today the major resource stocks all lost ground on weaker commodity prices. At midday BHP Billiton was down 82 cents, Fortescue Metals fell 35 cents, Rio Tinto lost $2.70 and Woodside Petroleum dropped 73 cents.
Financial stocks didn’t fare any better, ANZ was down 36 cents at noon, Commonwealth Bank slid 83, National Australia Bank fell 39 cents, while Westpac lost 31.
Other blue chips mostly mirrored the losses in the wider market. AMP was down 12 cents at midday, News Corp fell 11 and Telstra slipped two. Woolworths was the exception, adding 19 cents.
Meanwhile in the US, Wall Street is set to re-open today after Friday’s Independence Day holiday. The Dow made modest gains on Thursday following a tumble of almost 1-and-a-half per cent the previous day.
In Asian trading Japan’s Nikkei was down 14 points at midday today, while Hong Kong’s Hang Seng fell 21.
In ASX news today shares in property trust GPT fell more then 15 per cent this morning, after it downgraded its full year earnings guidance by more then 26 per cent on continued global market deterioration.
GPT now expects operating income to December 31 of $464 million, down from a previous forecast of $633 million. The company blamed problems in global credit and property markets, and said it didn’t expect conditions to improve this year.
There was brighter news though for shareholders of diversified financial group Challenger Financial, which this morning announced an on-market share buyback of up to ten per cent.
In a statement, Challenger said that it was planning the buyback on the merits of its low debt position, and strong capital and cash flows. The company also said that it has completed the sale of its financial planning business for $150 million.
Finally, the battle for control of iron ore miner Midwest Corp inched further in Sinosteel’s favour this morning, as the Chinese group revealed that it has upped its stake in Midwest to 45 per cent.
According to a regulatory filing, the group has acquired a further two per cent holding in Midwest since June 13. Midwest Corp is the focus of rival takeover bids from Sinosteel, and Australia’s Murchison Metals, with Sinosteel’s bid valuing its target at $1.36 billion.
In individual share price movements on the ASX earlier today the major resource stocks all lost ground on weaker commodity prices. At midday BHP Billiton was down 82 cents, Fortescue Metals fell 35 cents, Rio Tinto lost $2.70 and Woodside Petroleum dropped 73 cents.
Financial stocks didn’t fare any better, ANZ was down 36 cents at noon, Commonwealth Bank slid 83, National Australia Bank fell 39 cents, while Westpac lost 31.
Other blue chips mostly mirrored the losses in the wider market. AMP was down 12 cents at midday, News Corp fell 11 and Telstra slipped two. Woolworths was the exception, adding 19 cents.
