Australian share market was down october 12 2011

Indonesia stock info- Australian share market was down october 12 2011 ; the Australian sharemarket has had a weak start after mixed performance overnight after the Slovakian Government rejected a proposal to deal with elements of the European debt crisis.

At 11.45am, the S&P/ASX200 was down 1.05% to 4183.2 while the All Ordinaries index was down 1% to 4245.7.
IG Market analyst Cameron Peacock said he expected a quieter and lacklustre day "where the market drifts slightly but consolidates itself above 4,200."

The Slovakian decision also pushed down the Aussie dollar by almost a quarter of a US cent to 99.61 US cents. The local currency was still trading below parity before midday.
JB Hi-Fi says quarter challenging, but upbeat on iPhone 4S

In company news, discount electronics retailer JB Hi-Fi has pinned its hopes on sales of the iPhone 4S after a challenging quarter.

Comparable sales for the first quarter fell 3.5% year-on-year, but total sales were up 6.6%, it said.

"The launch of the iPhone 4S, solid music, movies and games releases and continued growth from the computers and accessory categories will assist sales in this quarter," chief Terry Smart said.

"While we expect underlying trading to remain subdued, we are still optimistic the Christmas trading period will be a successful one."


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