Australian Stock Report - Market Pulse
Midday Market Analysis: September 22
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Publish date: Thu, 22 Sep 2011, 01:40 PM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.
After some early resistance the Aussie market has collapsed during the morning session, with the XJO now down more than 100 points (-2.7%).
Every sector bar the telcos are underwater, with materials, energy and financials plays bearing the brunt of the selling.
In company news, Nexus is down 36% so far today with investors dumping the stock on news that the Managing Director has resigned.
Elsewhere, Foster's is one of the few bright spots today with the stock trading up close to 8% after accepting the latest SABMiller takeover offer.
Around the region, Asian markets are taking a beating; the Hang Seng is down more than 4% whilst the Nikkei is down 1.6%.
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