Australian Stock Report - Market Pulse

Midday Market Analysis: Aussie Firmly Underwater

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Publish date: Mon, 22 Oct 2012, 01:24 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 firmly underwater today, with local stocks being sold off early in the new trading week after a horrid night on international markets on Friday. The XJO is presently down 34 points (-0.8%), at 4380.

All sectors are weaker, with materials, energy and healthcare stocks the weakest links. In company news, Graincorp has jumped 40.1% after receiving a $2.68 billion takeover offer from Archer Daniels Midland, valuing the company at $11.75 a share.

Elsewhere Sundance has soared 5% after extending the deal deadline for its Hanlong takeover until January 11, 2013. Around the region, Asian markets are all weaker; the Shanghai Composite is down 0.3%, whilst the Nikkei is lower by 0.9%.

Midday Market Analysis: Aussie Firmly Underwater is a post from: Australian Stock Report Market Pulse Blog

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