Photon Group Limited

The Australian sharemarket sharply fell on Wednesday with all sectors in the red. At the close, the benchmark S&P/ASX200 index lost 73.3 points, or 1.6 per cent, at 4644.6 points, while the broader All Ordinaries index fell 73.1 points, or 1.5 per cent, to 4670.

Dow Jones Industrial Average Friday retreated about 1.5 per cent on concerns over the problem of Dubai World. But European shares reversed earlier sharp losses due to some bargain hunting buying.

US stocks plunged significantly overnight despite a better-than-expected US manufacturing survey data. Falls in Asia and Europe markets put heavy pressure on the US stocks. Shanghai stocks dropped 5.8% Monday.

This morning shortly after open the Australia market has joined the rally with S&P/ASX200 up 4.3%, or 162.7 points, to 3957.3 points. Yesterday Australian shares suffered their fifth consecutive day of losses, hitting fresh four-year lows, as falls by the big banks eclipsed gains by miners. At the close, the benchmark S&P/ASX200 share index was down 14.6 points, or 0.4%, to 3794.6, recovering from an earlier drop of as much as 2.2%. Analysts expected the next few weeks ahead a relief period.