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1.Market Observations

15 Nov 2012 (AFR) – Worst is over in housing: CSR chief

(15 Nov 2012, AFR, p21, Michael Hobbs)

‘Conditions for Australia’s housing construction market have passed the worst, CSR managing director Rob Sindel said, pointing to higher finance approval figures, state government stimulus packages and evidence of a turnaround. His upbeat comments sent CSR shares more than 7 per cent higher on Wednesday, despite a 50 per cent fall in first-half net profit.’

‘Australia’s residential construction, which accounts for an estimated 36 per cent of the building products group’s end-market revenue, was down 15 per cent during the half year to September. Commercial construction were also tough, falling 6 per cent. Mr Sindel said housing construction activity in Victoria had fallen but plateaued, while NSW, Western Australia and Queensland exhibited positive signs.’

Read more at (might need AFR login access)

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