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At midday, the S&P/ASX200 index had fallen 29 points, while the All Ordinaries lost 27.
In the US, Wall Street made gains on Thursday as recessionary fears eased following the US Commerce Department’s release of improved GDP growth estimates for the first quarter. The market was also buoyed by financial giant MasterCard lifting its long-term outlook.
At close of trade, the Dow Jones Industrial Average was up 52 points, while the Nasdaq Composite added 21.
In Asian trading today, Japan’s Nikkei was up 130 points at midday, while Hong Kong’s Hang Seng added 64.
Dominating headlines on the ASX today is Origin Energy’s rejection of BG Group’s revised $13 billion takeover bid.
Origin, which today doubled its CSG reserve estimates in Queensland’s Bowen Basin, said that based on recent developments, it considered BG’s revised proposal inadequately reflected the company’s value.
Origin also said that yesterday’s announcement by rival Santos - that it would sell a 40 per cent stake in its LNG development at Gladstone - established a higher benchmark for the value of CSG. BG Group has said it is considering its options following the rejection.
Shares in Origin energy surged more than ten per cent this morning.
In other news, investment company Babcock & Brown today addressed shareholders at its AGM, confirming its earnings guidance for the current year.
CEO Phil Green said that despite global markets remaining difficult, the company was on track to deliver 2008 full year net profit of at least $750 million – a 15 per cent growth on last year’s profit. Mr Green said the guidance was based on revenue growth from the group’s specialised funds and managed assets. Babcock & Brown shares rose more than four per cent in morning trade.
In other share price movements on the ASX this morning, resource stocks mostly fell on lower metal and oil prices. At midday BHP Billiton was down $1.37, Fortescue Metals added 23, Rio Tinto lost $4.69, while Woodside Petroleum fell 81 cents.
Banking stocks were mixed at noon. ANZ added 26 cents, Commonwealth Bank lost a cent, National Australia Bank added 96 cents and Westpac gained 20.
Other blue chips made modest losses this morning. AMP was down two cents at noon, News Corp dropped three, Telstra slipped a cent, while Woolworths fell 14.
In the US, Wall Street made gains on Thursday as recessionary fears eased following the US Commerce Department’s release of improved GDP growth estimates for the first quarter. The market was also buoyed by financial giant MasterCard lifting its long-term outlook.
At close of trade, the Dow Jones Industrial Average was up 52 points, while the Nasdaq Composite added 21.
In Asian trading today, Japan’s Nikkei was up 130 points at midday, while Hong Kong’s Hang Seng added 64.
Dominating headlines on the ASX today is Origin Energy’s rejection of BG Group’s revised $13 billion takeover bid.
Origin, which today doubled its CSG reserve estimates in Queensland’s Bowen Basin, said that based on recent developments, it considered BG’s revised proposal inadequately reflected the company’s value.
Origin also said that yesterday’s announcement by rival Santos - that it would sell a 40 per cent stake in its LNG development at Gladstone - established a higher benchmark for the value of CSG. BG Group has said it is considering its options following the rejection.
Shares in Origin energy surged more than ten per cent this morning.
In other news, investment company Babcock & Brown today addressed shareholders at its AGM, confirming its earnings guidance for the current year.
CEO Phil Green said that despite global markets remaining difficult, the company was on track to deliver 2008 full year net profit of at least $750 million – a 15 per cent growth on last year’s profit. Mr Green said the guidance was based on revenue growth from the group’s specialised funds and managed assets. Babcock & Brown shares rose more than four per cent in morning trade.
In other share price movements on the ASX this morning, resource stocks mostly fell on lower metal and oil prices. At midday BHP Billiton was down $1.37, Fortescue Metals added 23, Rio Tinto lost $4.69, while Woodside Petroleum fell 81 cents.
Banking stocks were mixed at noon. ANZ added 26 cents, Commonwealth Bank lost a cent, National Australia Bank added 96 cents and Westpac gained 20.
Other blue chips made modest losses this morning. AMP was down two cents at noon, News Corp dropped three, Telstra slipped a cent, while Woolworths fell 14.
