Australian Pharmaceutical Industries Limited

Wall Street declined overnight on a weak housing report, despite some strong earnings results. The Commerce Department said that construction starts on privately owned homes rose 0.5 per cent to 590,000, lower than expectations.

Yesterday the Australian stock market slumped more than 3% with the negative lead from UK. The benchmark S&P/ASX200 index ended 112.7 points, or 3.1%, lower at 3,476.6, the lowest level in two months, while the broader All Ordinaries lost 106 points, or 3%, to 3,425.