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Welcome To The Australian Investor

Market Wrap - Wednesday 16th May 2012

Australian shares slumped to a two-month low today, led by resources stocks, on intensifying worries of a possible messy Greece exit from the eurozone and its impact on the global economy.

The benchmark S&P/ASX200 index plunged 100.8 points, or 2.4 per cent, to 4165.5, while the broader All Ordinaries index fell 101.6 points, or 2.4 per cent, to 4214.7.

It was the biggest one-day fall on the Australian bourse since December 19 last year. Since the beginning of May, the sharemarket has lost more than $75 billion in value amid fears of another escalation in Europe's debt crisis.





After six rounds of fruitless wrangling, Greece abandoned efforts to form a government and called a new election that some investors fear may hand victory to the leftists, undo the country's financial bailout package, and push it closer to bankruptcy and out of the eurozone.

Greek political leaders are due to meet later tonight to establish a caretaker government before heading to a second election in just over one month.

The dollar also suffered, falling to 98.85 US cents, its lowest level this year, as investors fled riskier assets.

The sharemarket's falls were broad-based with the defensive utilities sector the only winner, albeit with a small 0.2 per cent gain.

The materials sub-index dropped 3.9 per cent, energy fell 3 per cent, financials dropped 1.8 per cent and industrials lost 3.2 per cent.

The only positives were that short sellers - investors that bet on stocks falling - were winning and that value could be found quality stocks such as BHP Billiton and Rio Tinto, he said.





BHP Billiton closed at a three-year low, down $1.37, or 4.05 per cent, at $32.49.

The miner's chairman this afternoon said he expects commodity markets to cool further and that investors have lost confidence in the longer-term health of the global economy, in the most cautious outlook taken by the mining giant.

Rio Tinto lost $2.32, or 3.85 per cent, to $57.99 and iron ore miner Fortescue Metals plunged 26 cents, or 5.1 per cent, to a four-month low at $4.84.

Australia’s largest listed oil and gas play, Woodside Petroleum, shed $1.08 to $31.72 and Santos retreated 27 cents to $12.28.

The major banks were slightly less ugly, with Commonwealth Bank losing 89 cents to $51.77, ANZ dropping 50 cents to $51.61, Westpac shedding 22 cents to $21.68 and National Australia Bank closing 27 cents worse at $24.40.





Toll Holding shares slumped 15.23 per cent, or 85 cents, to $4.73 after the transport and logistics group flagged lower earnings because of weaker demand from the struggling retail sector.
Industrea shares jumped by 43 per cent to $1.23 after US giant General Electric (GE) announced a $700 million friendly takeover for the mining equipment-maker.

Westfield Group shares fell 2.3 per cent after the shopping centre giant revised down its 2012 forecast for funds from operations following the sales of a stake in its US shopping mall portfolio and some UK assets.

Shares in CSR slipped 1.5 per cent after the building products maker recorded a slight increase in net profit for the year to $90.7 million, but said it expected challenging market conditions in the housing construction industry to continue.

National turnover was 2.23 billion shares worth $5.74 billion with 178 stocks gaining, 937 weaker and 312 unchanged.

Market News

NSL achieves first iron ore sales during commissioning process
18-May-2012

Petsec installs new pipeline to increase production
18-May-2012

Clarius Group drop in profit guidance
18-May-2012

Paladin’s Kayelekera Resumes Full Production
18-May-2012

Syrah Resources commences drilling at Balama Graphite Project
18-May-2012

OM Mining faces desecration charges
18-May-2012

Lend Lease appoints Dan Labbad as new group chief operating officer.
16-May-2012

CCA enters the alcohol market
16-May-2012

Greece to hold new elections
16-May-2012

Overnight Market Wrap
16-May-2012

Market Wrap Friday 11th May 2012
12-May-2012

Inman takes helm as Billabong ousts CEO
10-May-2012

Overnight Report
10-May-2012

ASX Afternoon Market Wrap – 9th May 2012
09-May-2012

ROYAL CONCLUDES WARRIEDAR GOLD JV SALE
09-May-2012

David Jones Restructure
09-May-2012

CBD Energy Secures US$25 Million Line of Credit
09-May-2012

Fermiscan lodges Prospectus
09-May-2012

Empired Limited signs 3 year agreement with St Barbara Limited
09-May-2012

Crown Mountain coal licences issued to Jameson Resources
09-May-2012

ASX Afternoon Market Wrap – 8th May 2012
08-May-2012

Liontown commences drilling at Jubilee Reef gold project in Tanzania
07-May-2012

K&S Corporation appoints Greg Stevenson as new Managing Director and Chief Executive Officer
07-May-2012

Uranex exploration update
07-May-2012

Energy and Minerals appoints new Managing Director
07-May-2012

Kenai Loop drilling permit granted to Buccaneer Energy
04-May-2012

Western Desert Resources Resource upgrade at Roper Bar Iron Ore Project
04-May-2012

Indochine Intercepts Very High Grade Gold and Silver at Mt Kare, PNG
04-May-2012

Vanadium Drilling Program Recommences for Avonlea Minerals
04-May-2012

Midas Resources new tenement granted at Paterson project
04-May-2012

Senex resumes production at Snatcher
04-May-2012

Qantas Group Strategy Update
04-May-2012

Qantas to increase domestic capacity
04-May-2012

Boss Resources appoints new Executive Director
02-May-2012

Latin Resources to commence drilling at Mariela
02-May-2012

Jumbo Interactive profit upgrade
02-May-2012

Leighton Contractors awarded $604 million contract
02-May-2012

Qantas to axe 400 jobs
01-May-2012

Atlas Iron on track to meet guidance
27-Apr-2012

Core accepts Government offer to grant new exploration licence 30km south of Olympic Dam
27-Apr-2012

Overnight report
27-Apr-2012

Metals Finance Limited signs agreement with Dow
26-Apr-2012

Buccaneer Energy Enstar has commenced Gas contract
26-Apr-2012

Maximus commences drilling on Narndee poly-metallic project in WA
26-Apr-2012

G8’s acquisition of 6 childcare and education centres
26-Apr-2012

Blackham Resources raises $9.1 million
26-Apr-2012

HLG JV awarded SAR633 million (US$169 million) Mine-related Infrastructure Project in Saudi Arabia
26-Apr-2012

pSivida receives Austrian apporval
26-Apr-2012

Monteray Burkina Faso Update
26-Apr-2012

Paladin Energy Ltd announces successful raising of US$274M through Convertible Bonds
24-Apr-2012

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