Business Services Industry
Party over? Inflation fears dig in.
Australasian Business Intelligence, May, 2006
Byline: Barry FitzGerald
May 22, 2006 (The Age - ABIX via COMTEX) -- There has been a major fall in the Australian sharemarket between 15 and 22 May 2006, underpinned by a fall in resources. The amount of shares sold represents the largest dip in market confidence since the September 2001 terrorist attacks in the US. On 22 May 2006, BHP Billiton deteriorated $A0.85 to $A27.89 and Rio Tinto plummeted $A3.08 to $A75.22. A lot of the action centred on 2006 high-flyers such as Kagara, Oxiana and Zinifex, which all fell more than 12 per cent in value. Meanwhile, although IBISWorld believes the high prices for many mineral commodities are unsustainable, it forecasts that the coal and iron ore price improvements will underpin strong growth in the resources sector...
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