Paul Trainor, Senior Portfolio Manager at Macquarie Private Portfolio Management says investors should be careful before jumping into the stock, despite a 30% fall over the past two days.» Read More
Australia's economy grew by more than expected last quarter, helped by spending on infrastructure and defence, while the consumer held up surprisingly well in the face of high interest rates and surging living costs.
Approvals to build new homes in Australia showed unexpected strength in April, but analysts cautioned that much of the improvement was in the volatile apartment sector and housing remained in the doldrums.
Metcash, Australia's largest grocery wholesaler, posted a stronger-than-expected 18 percent jump in full-year profit on strong growth in fresh food sales, and confirmed it has bid for a unit of Primary Health Care.
Australian retail sales suffered a surprise fall in April as consumers cut spending on food and recreation in the face of surging living costs, but also perhaps lessening the need for a further increase in interest rates.
Centro Properties Group, one of Australia's biggest casualties of the global credit crunch, won more time to repay about $2.67 billion in debt, sparking a rally in its shares on Monday.
Australian clothing retailer Just Group on Monday rejected a hostile $800 million bid by billionaire investor Solomon Lew, citing an independent adviser as saying the offer was too low.
Malaysia's Petronas will buy a 40 percent stake in Australian energy firm Santos' Gladstone liquefied natural gas project in Australia for $2.51 billion, sending Santos' shares up 10%.
Australian businesses surprisingly cut back on investment spending last quarter as a slump in consumption hurt the retail sector, stirring speculation the economy might have actually shrunk in the quarter. 1st paragraph of story should go here
Insurance Australia Group, which last week spurned a takeover offer by rival QBE, said on Monday its Chief Executive Michael Hawker had resigned with immediate effect, triggering a 3 percent jump in its shares.
Building materials group James Hardie Industries reported a worse-than-expected 61 percent drop in fourth-quarter profit on Thursday, hit by a slump in U.S. home-building, knocking its shares down as much as 8%.
Australian infrastructure firm SP AusNet reported a 6.3% fall in its 2007/08 year profit on Thursday, and said it expected the current year's result would be of a similar level after higher interest charges.
ArcelorMittal, the world's top steel maker, is in talks with Australia's Macarthur Coal after buying a 15 percent stake in the company, setting up a possible bidding war for the A$4.4 billion group and pushing its shares up 14 percent.
QBE Insurance dropped its $8.4 billion bid proposal for Insurance Australia Group after IAG rejected it as too low, triggering an 8 percent slide in IAG's shares.
AWB, Australia's largest wheat exporter, said on Wednesday its half-year net profit rose 89 percent to $21.4 million, after good results from its Landmark rural services division.
Macquarie Group, Australia's top investment bank, posted a 1.4% rise in second-half profit, and said it would be challenging, though possible, to repeat its record full-year profit this year.
QBE Insurance Group, Australia's top insurer by premium income, raised its bid for smaller rival Insurance Australia Group to $8.3 billion but said it thought the new and final offer would be rejected.
Chinese interests have approached a major Australian superannuation and investment fund to be their partner in a multi-billion-dollar swoop on 9 percent of BHP Billiton, The Australian newspaper reported.
An Australian barley exporter said on Thursday it had found no evidence that a 20,000 ton shipment to Japan contained excessive pesticides, after Japan cancelled the purchase.
St George Bank, Australia's fifth-biggest lender by assets, reported a weaker-than-expected 6.2% rise in first-half profit amid tough market conditions, and trimmed its year growth target.