Australian Stock Report - Market Pulse
Midday Market Analysis: Bouncing Back
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Publish date: Thu, 21 Jun 2012, 03:34 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.
Midday Market Analysis: Bouncing Back
The Aussie market is underwater so far today, following soft leads from international markets last night.
The XJO is presently down 30 points (-0.7%), at 4105.
The losses are widespread, with most sectors in the red; IT and materials stocks are the weakest links.
In company news, Billabong has announced a $225 million capital raising as it attempts to strengthen its balance sheet by paying down debt.
The raising will be at $1.02 a share, a massive 44% discount to its previous closing price.
Around the region, Asian markets are mainly weaker; the Hang Seng is off 1.1% whilst the Shanghai Composite is down 0.8%.
The Nikkei is the exception, up 1%.
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