daytrade diaries... august 17 part 2, page-7

Profit takers and weaker commodity prices are taking their toll on the Australian share market, which lost 0.6 per cent in trading on Monday morning as banks and resources stocks sold off.

The XAO is down 44 points at 4,420

Some analysts are saying "Reporting season is getting into full swing now. This is a test for the market to see if it can keep going higher through the reality of companies reporting."

Australia's third largest internet service provider, iiNet Ltd, has posted a 28.8 per cent jump in full year profit after growing subscriber numbers and says it's well placed for the current financial year.The Perth-based company posted a net profit of $25.63 million for the year to June 30, up from $19.90 million in the previous financial year.

BlueScope Steel Ltd has reported an annual loss after a challenging year marked by heavy falls in export demand, sales and prices.BlueScope made a net loss for the year ended June 30 of $66 million, compared to a profit of $596 million in the previous year.

Iron ore miner Fortescue Metals Group has agreed to a price for all the iron ore it sells to Chinese steel mills for the six months to the end of December.

Fortescue said an agreement with Baosteel Group Corporation and China Iron and Steel Association (CISA) commits them to acquire about 20 million wet metric tonnes from Fortescue between 1 July and 31 December 2009.

The Australian dollar opened almost one and a half cents weaker on Monday, as risk averse investors began to question the pace of global economic recovery.

At 0700 AEST, the Australian dollar was trading at $US0.8295/97, down from Friday's close of $US0.8426/29.

The best performing sector at midday is the Healthcare index up 51 points to 8,542. Shares in ResMed up 2.93 per cent at $5.62. Shares in Ramsay Health Care and Ansell are also stronger at noon.

The worst performing sector at midday is the Financials excluding Real Estate Investment Trust index, down 94 points at 5,073. Shares in AXA Asia Pacific Holdings down 4.38 per cent to $4.37. Shares in AMP and the Commonwealth Bank are also lower at noon.

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/

Did you know?

One of the Common Mistakes Made by Investors

(Chasing losses. If you buy a stock at $4 and then buy more when it falls to $3, your average cost is $3.50. You are chasing your losses and probably throwing good money after bad)