Australian Stock Report - Market Pulse
Midday Market Analysis: Aussie Slump
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Publish date: Mon, 19 Dec 2011, 01:29 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.
The Aussie market is suffering badly so far today, currently trading 90 points -2.1%) underwater, at 4070.
Every sector is underwater with consumer discretionary, energy and industrial stocks amongst the hardest hit.
The big story on the day is the massive, 40% demolition of Billabong's share price after the company announced a strategic review of its operations and capital structure after a slowdown in sales put it on track for a 1H profit fall.
Elsewhere, Bendigo and Adelaide Bank is down more than 6% after announcing a $150 million capital raising.
Around the region, Asian markets are faring better than ours; the Hang Seng is down 1.8% whilst the Nikkei is only of 0.8%.
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