Suncorp Group Limited

Yesterday the Australian shares posted a modest gain as the market saw the rising oil prices and increased optimism about the outlook for commercial banks. The benchmark S&P/ASX200 index rose 18 points, or 0.54 per cent, at 3345.5, while the broader All Ordinaries index was 15.9 points higher, or 0.48 per cent, to 3297.4.

Yesterday the Australian market closed lower even it rebounded after news the US Government may end up owning as much as 40% of Citigroup's common stock. The benchmark S&P/ASX200 index ended down 1.5%, or 51.2 points, at 3351.2, while the broader All Ordinaries index shed 1.5%, or 48.9 points, at 3304.1. Today the local stocks are expected a fresh low level on the massive lost in Wall Street.

Yesterday the Aussie market ended higher amid expectations debt-laden Rio Tinto would announce the A$30 billion deal with Chinese steelmaker Chinalco. The benchmark S&P/ASX200 was up 39.9 points, or 1.15 per cent, at 3,514.3, while the broader All Ordinaries rose 40.4 points, or 1.18 per cent, to 3,458.5. Today investors will also be looking to the proceeding of government's A42$ billion economic stimulus package as Parliament will debate a new version after the Senate rejected the government's first proposed plan.

The Australian share market ended last week with 1% higher led by the overseas markets. The benchmark S&P/ASX200 index surged 41.3 points, or 1.2%, to 3469.9 while the broader All Ordinaries index closed with 34.9 points higher, or 1%, settled at 3407.5.

Yesterday the Australian shares closed slightly lower with the benchmark S&P/ASX200 index down 0.3%, or 9.3 points, at 3428.6, while the broader All Ordinaries index declined 0.3%, or 9.7 points, at 3372.6. The market opened higher after the positive lead from the US and UK, but could also be rocked by the earnings of NAB and News Corp.

On Wednesday, the Australian shares dropped more than 2% dragged by the property and mining sectors. The benchmark S&P/ASX200 index was down 70.8 points, or 2.02 per cent, at 3,437.9, while the broader All Ordinaries index shed 66.8 points, or 1.94 per cent, to 3,382.3. The market could restore some confidence over the news that the US service sector shows it shrank at a low pace and China's national purchasing managers index suggests a recovery in China.

The Australian stock market staged a late rally on last Friday, with the benchmark S&P/ASX200 index closing up 63.6 points, or 1.9 per cent, at 3,416.5, while the broader All Ordinaries index gained 54.3 points, or 1.63 per cent, to 3,386.9. Market is struggling to recover with some "bear market rally" although the fundamental problems remain. Analysts said the recent fluctuation is because of uncertainty and the political factors are important at this stage.

This morning shortly after open the Australia market has joined the rally with S&P/ASX200 up 4.3%, or 162.7 points, to 3957.3 points. Yesterday Australian shares suffered their fifth consecutive day of losses, hitting fresh four-year lows, as falls by the big banks eclipsed gains by miners. At the close, the benchmark S&P/ASX200 share index was down 14.6 points, or 0.4%, to 3794.6, recovering from an earlier drop of as much as 2.2%. Analysts expected the next few weeks ahead a relief period.

Overnight Wall Street gained in a late rally early this morning, as investors snapped up beaten-down shares after Wall Street's worst day since the 1987, and consumer companies gained as the price of oil fell.

The Australian share market ended a horror week on Friday, down more than 8% in a session that wiped A$106 billion from the value of stocks on the bourse. Last Friday the S&P/ASX200 index fell 8.3% in mid-afternoon trading, losing 360.2 points to plunge to 3960.7, the biggest one-day loss for the ASX200 index. Its affiliate, the All Ordinaries index, had its worst day since the October 1987 crash, losing 8.2%, or 351.9 points, to 3939.4. The ASX200 lost almost 16% for the week, about three times the amount it lost in the week after the September 11 attacks in 2001.