The Australian market closed lower on Wednesday. The benchmark S&P/ASX200 index ended down 83.4 points, or 2.3 per cent, at 3540.0, while the broader All Ordinaries dropped 95.8 points, or 2.68 per cent, to 3479.6. Analysts expect the US rally sustain for a while as there are some good signs in the global financial markets.
The Australia share market closed marginally weaker after a 75 basis point interest rate cut by the RBA boosted the bourse back from earlier sharply lower levels. The deep cut mirrors RBA's worry about the domestic and global economic outlook. Analysts said the Australia market may have hit the bottom last week at about 3600 points, and the Democratic win in the US election will also give a positive lead to the Australia market.
The Australia share market has fallen sharply with 3pc in minutes of the start of trading this morning, after Wall St tumbled overnight. The benchmark S&P/ASX200 index was down as much as 3.3%, or 148.5 points, to 4391.9 in early trading.
Yesterday, the Australian share market closed slightly weaker despite a cut to official interest rates and a drop in the oil price. The benchmark S&P/ASX200 was down 2.3 points, or 0.04 per cent, to 5,116, while the broader All Ordinaries fell five points, or 0.1 per cent, to 5,195. The Australian stock market may continue the decline today with US equities and commodities down overnight.
Downer EDI Limited (ASX: DOW)(PNK: DNERF) today announced that the company's Mining Division, Downer EDI Mining, has signed long-term contracts with Peabody Pacific Pty Limited (Peabody) for its Millennium and Wambo open cut coal mining projects.
Hastie Group Limited (ASX: HST), Australasia's leading building services and refrigeration systems group, today announced the expansion of its commercial hydraulics business to Queensland through the acquisition of Beavis & Bartels and GTS Plumbing.
Savcor Group Ltd (ASX: SAV) is an industrial technology company specialising in materials technology with its several applications in Advanced Rehabilitation Technology (ART) and nanotechnology coatings used in applications such as mobile phones. Savcor's core customers are the leading companies and utilities in the Australian mining, energy and infrastructure industries (Savcor ART) and the world's leading mobile phone handset manufacturers using its ultra thin vacuum coating services (Savcor FACE).
