Market gains begin to ease

Gains on the Australian share market are easing as some of the banks slip into the red.

The market opened strongly, but about 1pm AEDT the All Ordinaries index was up just nine points at 3,294.

The ASX 200 was eight points higher at 3,340.

Shares in the Commonwealth Bank were down 1.2 per cent at $28.89.

Flight Centre plunged more than 11 per cent to $4.73.

Pacific Brands has fallen almost 6 per cent to 33 cents, after announcing a $150 million first-half loss and plans to cut more than 1,800 staff.

The Australian dollar was buying 65.04 US cents.

More Quotes and Company Information:FLIGHT CENTRE LIMITED (ASX: FLT.ax)PACIFIC BRANDS LIMITED (ASX: PBG.ax)Pacific Brands Limited (NZX: PBG.nz) ... read original article
Wed 25th February 2009 - 02:32pm