The Australian Stock Market suffered another losing week, with the S&P/ASX 200 giving up 139.5 points to close the week at 4840.4. The market has now ended in the red for nine consecutive weeks. The Dow Jones Index rose more than 200 points on Thursday night despite the fact that Merrills, Microsoft and Google all released forecasts that fell short of analyst's targets. Citigroup reported a smaller than expected second-quarter loss on Friday, helping the Dow Jones to rise nearly 50 points. Softer Commodity Prices helped push Rio and BHP lower as Oil and Gold both retreated from their highs.
INSTITUTIONAL shareholders have blocked a planned $10.66million "early termination" payment to Oxiana's founding managing director Owen Hegarty, the man credited with turning it from a penny dreadful in 1994 into Australia's third-biggest diversified resources group.