Markets Live: Miners drag shares down
Mon September 24, 2012 11:37am
Australian stocks have extended their early drops, pulled down by the big miners.
Australian stocks have come off the day's lows but are still trading lower, pulled down by the big miners and the dollar drops below $US1.04 as enthusiasm over monetary easing fades.
2.36pm: It has been a quiet start, but this week has plenty of key events that could shape the market says Michael Pascoe.
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2.24pm: Here's a look at some notable movers among the top 50 companies on the ASX, keep in mind there is a lot of profit-taking today:
2.11pm: Along with shares, the dollar has also recovered from the day's low at $US1.0398 and is currently trading at $US1.0435. But there are plenty of analysts predicting a fall in the currency over the mid term:
‘‘The Australian dollar is very expensive from whichever metrics you look at,’’ says Dagmar Dvorak, a director of fixed-income and currencies in London at Baring Asset Management.
‘‘When a currency overvaluation is that extreme, you have to question what could be a trigger that stops it. For the Aussie, it’s the economic slowdown in China and falling commodity prices. The currency looks vulnerable.’’
1.57pm: Suncorp boss Patrick Snowball received a 50 per cent pay rise in the 2011-12 financial year to $8.27 million.
It makes Snowball, an Oxford graduate who joined Suncorp in 2009, one of the highest paid chief executives in Australia.