Business

Aug 29, 2008

Allco, Centro flood the market with $3.8bn losses

A $3.8 billion sea of red ink washed across the Australian stockmarket this morning with news of the combined losses of Centro and Allco, writes Glenn Dyer.

A $3.8 billion sea of red ink washed across the Australian stockmarket this morning with news of the combined losses of Centro and Allco, but investors were oblivious as they hopped onto the latest false upturn from the US after better than expected growth figures saw US markets finish strongly.

The market was up 40 points (half the 80 point gain expected from the futures market) and Centro shares were up one cent at 19.5 cents. Allco shares were down a cent at 38.5 cents.

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