Aussie shares seen higher boost by miners
Posted on December 09th, 2008 in aus, aussie banks, aussie dollar, Australia mining industries, australia stockmarket, Australian share market, cent, micro cap, perth
If not for the mining industries in Australia, its market shares would surely drop. At present, its shares surged up to 22.3 percent as the mining shares have countered the fall in financial sector.
Bank stocks are still in turmoil as a result of capital raisings, with the Commonwealth Bank announcing this morning that it was issuing $750 million in new shares. When trading in the bank’s shares resumed after a halt this morning, they fell 61 cents, or 2%, to $29.39.
Westpac, which came out of a halt this morning, was punished for yesterday’s $2.5 billion capital raising – its shares plunged $1.48, or 8.3%, to $16.40, taking them closer to the $16 issue price of the new shares.
