Published 30-06-2016

BRITAIN STRUGGLES; AUSTRALIA RECOVERS

30-06-2016

British and European stocks have fallen 3 percent, but Australia's markets fell by only 1 percent during the trading day, recovering later in the afternoon and avoiding the downwards trend of other markets.

Shares in the big four banks have all risen by between 0.09 to 0.5 percent, and James Packer's Crown Resorts also rose by 0.5%. Further, the Australian dollar has already begun to recover after the initial sell-off, trading at 73 US cents to the AUD.

Not all outlooks are strong: mining stocks are now dropping, after a surprise boost to iron and gold immediately after the Brexit: gold miner St Barbara dropped from $3.28 per share to $3, and Fortescue Metals fell from $3.53 to $3.40 per share.

This accompanies a downturn in the All Ordinaries Index (-37 points), and energy and oil shares.

Market fluctuations and uncertainty over the exact state of Britain's economic future disrupt reliable market predictions.

Both political and economic figures in the EU are urging Britain to make a final decision and either activate Article 50 (which will immediately trigger the two-year leaving process), or pledge to remain despite the referendum results.

RELATED NEWS

  1. Keeping its election commitment to support research on silica dust-related disease diagnosis, treatment and care, the NSW government has put its money where its mouth is. 
    It has announced $5 million to fund silicosis research and a patient support program for workers and their families who have...
  2. Bowen Orbital Spaceport, the site of Australia’s first orbital rocket launch, officially opened  April 4th in Abbot Point State Development Area in North Queensland.
    Gold Coast-based Gilmour Space Technologies, which operates Bowen Orbital Spaceport, has built a 23-metre, 35-tonne Eris rocket that’...
  3. The Hunter Manufacturing Awards (HMA)  will commemorate its landmark 20th anniversary this year when the 2024 awards are held on Friday 18 October. 
    The awards encourage excellence in, highlight and reward the Hunter region's integral role in Australian manufacturing. Nominations for this year’s...