ABN Newswire Australian Market Report of August 12, 2010
The Australian stock market opened lower this morning, after global markets suffered a heavy loss and all key market indices dropped significantly. Shortly after the opening bell, the S&P/ASX200 Index was down 1.48%, at 4389.5 while the All Ordinaries Index dropped 1.5%, to 4412.7. In economics news, the Australian Bureau of Statistics will release its labour force data for July, with expectations the rate will remain flat at 5.1 per cent with about 20000 new jobs created. The Melbourne Institute will issue its Survey of Consumer Inflationary Expectations and the Survey of Consumer Unemployment Expectations, both for August. Companies News Leighton Contractors Pty Limited, in consortium with Vestas (CPH:VWS), has been awarded a contract by the AGL (ASX:AGK) and Meridian Energy Joint Venture for the Abillion Macarthur Wind Farm development in south-west Victoria. Leighton Contractors Pty Limited, a wholly owned subsidiary of Leighton Holdings Limited (ASX:LEI), will undertake the engineering, procurement and construction of the plant design, construction and commission of the electrical, mechanical and civil works. Proposed as the largest wind farm in the southern hemisphere, Macarthur Wind Farm will generate up to 420 Megawatts of electricity - enough energy to power around 220000 average Victorian homes each year. The first section of the wind farm is expected to be completed in May 2012 with a total project finished by early 2013. Qantas Airways Ltd (ASX:QAN) has …
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