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At midday the S&P/ASX200 index had lost 32 points, while the All Ordinaries fell 26.
US stocks rose only marginally on Monday, as falling financial stocks restricted wider gains, and a drop in internet giant Yahoo hurt technology shares.
At the close the Dow Jones Industrial Average was up by just three points, while the tech-heavy Nasdaq fell 22.
In Asian trading today Japan’s Nikkei was up 48 points at midday, while Hong Kong’s Hang Seng remained closed for a public holiday.
In ASX news today miner Macarthur Coal entered into a trading halt this morning as it investigated media reports that founder Ken Talbot had sold a ten per cent stake of the company to South Korea’s Posco.
Posco reportedly acquired the stake yesterday, after the world’s largest steelmaker ArcelorMittal upped its holding in the company to 19.9 per cent.
In other news, beleaguered asset manager Allco Finance Group said today that its lenders have agreed to extend a $250 million bridge facility, and its debt review period, until the 31st July.
Allco’s share price has tumbled from around $6 in January, to a close of 40 cents yesterday, as it has struggled to refinance its debts. In a statement the group said that it had repaid up to $177 million since April, but that it still had senior debt borrowings of more than $830 million.
Finally, on a day in which the Reserve Bank is expected to keep interest rates on hold, a sharp drop in new home sales has given further evidence of Australia’s economic slowdown.
According to Housing Industry Association figures, new home sales dropped five per cent from April to May, impacted by higher lending costs, and tightening monetary conditions. HIA’s chief economist Harley Dale said these factors would continue to weigh on home buying and building activities into 2009.
In individual share price movements on the ASX this morning resource stocks were mixed at midday. BHP Billiton was up $1.02, Fortescue Metals slipped three cents, Rio Tinto put on $3.00 while Woodside Petroleum fell $2.20.
Financial stocks were the main drag on the market at noon. ANZ was down 56 cents, Commonwealth Bank lost 72, National Australia Bank fell 56, while Westpac shed 64.
Other blue chips were mixed. AMP was down 13 cents at noon, News Corp fell 37, Telstra added three cents, while Woolworths slipped nine.
US stocks rose only marginally on Monday, as falling financial stocks restricted wider gains, and a drop in internet giant Yahoo hurt technology shares.
At the close the Dow Jones Industrial Average was up by just three points, while the tech-heavy Nasdaq fell 22.
In Asian trading today Japan’s Nikkei was up 48 points at midday, while Hong Kong’s Hang Seng remained closed for a public holiday.
In ASX news today miner Macarthur Coal entered into a trading halt this morning as it investigated media reports that founder Ken Talbot had sold a ten per cent stake of the company to South Korea’s Posco.
Posco reportedly acquired the stake yesterday, after the world’s largest steelmaker ArcelorMittal upped its holding in the company to 19.9 per cent.
In other news, beleaguered asset manager Allco Finance Group said today that its lenders have agreed to extend a $250 million bridge facility, and its debt review period, until the 31st July.
Allco’s share price has tumbled from around $6 in January, to a close of 40 cents yesterday, as it has struggled to refinance its debts. In a statement the group said that it had repaid up to $177 million since April, but that it still had senior debt borrowings of more than $830 million.
Finally, on a day in which the Reserve Bank is expected to keep interest rates on hold, a sharp drop in new home sales has given further evidence of Australia’s economic slowdown.
According to Housing Industry Association figures, new home sales dropped five per cent from April to May, impacted by higher lending costs, and tightening monetary conditions. HIA’s chief economist Harley Dale said these factors would continue to weigh on home buying and building activities into 2009.
In individual share price movements on the ASX this morning resource stocks were mixed at midday. BHP Billiton was up $1.02, Fortescue Metals slipped three cents, Rio Tinto put on $3.00 while Woodside Petroleum fell $2.20.
Financial stocks were the main drag on the market at noon. ANZ was down 56 cents, Commonwealth Bank lost 72, National Australia Bank fell 56, while Westpac shed 64.
Other blue chips were mixed. AMP was down 13 cents at noon, News Corp fell 37, Telstra added three cents, while Woolworths slipped nine.
