Following mixed offshore leads, the Australian share market has taken a dive at the open, falling more than 1 per cent despite news that European leaders agreed on a € 130 billion stimulus plan for the eurozone.
The S&P/ASX 200 index is 44 points down at 4,005. On the futures market the SPI is 31 points lower. ............
Company news
Shares in Billabong International Limited (ASX:BBG) have plunged more than 35 per cent at noon after it emerged from a trading halt today. The company which launched a $225 million capital raising last week announced it has raised about $155 million, with the majority going to institutional shareholders. The retail component of the entitlement offer will commence on Friday. Shares in Billabong are trading down 35.45 per cent at $0.94.
AGL Energy Limited (ASX:AGK) has completed the retail shortfall bookbuild which it set up after it sold only 75 per cent of shares through a retail entitlement offer last week. 11.9 million shares were offered at $14.50 and is the final stage of AGL’s equity raising of about $900 million which it announced last month. Shares in AGL Energy are trading up 0.14 per cent at $14.77.
Best and worst performers
All sectors are in the red. The sector with the smallest losses is Telco Services losing 3 points to 1,230. Shares in TPG Telecom Limited (ASX:TPM) have risen 2.1 per cent and trading at $1.70. Shares in SingTel are higher whilst Telstra is lower.
The worst performing sector is Industrials, falling 56 points to 3,177. Shares in Macmahon Holdings Limited (ASX:MAH) have fallen 3.57 per cent and trading at $0.54. Shares in Transpacific Industries and Sydney Airport are also lower.
Gold and the dollar
Gold is trading at $US1,574 an ounce and the Australian dollar is buying $US1 .003.
