THE share market fell after Prime Minister Julia Gillard trounced Kevin Rudd in the federal Labor leadership ballot.
Ms Gillard won 71 votes from Labor MPs, while Mr Rudd received 31 votes.
Ms Gillard, who ousted Mr Rudd as prime minister in June 2010, had been expected to win with at least two thirds of the vote.
Local investors reacted to the news by selling off shares and the Australian dollar, said Craig James, chief economist at Commsec.
"There will be some speculators that make a punt on the result and others which are holding back for it all to dissipate," Mr James said.
Prior to the official announcement at 11.00 (AEDT), the benchmark S&P/ASX200 index was down around 0.36 per cent, while the broader All Ordinaries Index was 0.27 per cent lower.
By 12.00 (AEDT), 45 minutes after Ms Gillard won the ballot, the S&P/ASX200 index was down 27.7 points, or 0.64 per cent, at 4279.1 points, while the broader All Ordinaries index had dropped 23.5 points, or 0.54 per cent, to 4365.5 points.The ASX 24 March share price index futures contract was 16 points lower at 4273 points, on a volume of 12,043 contracts.
February 27, 2012
Tim Andrews
Menzies House is the leading online Australian community for conservative, centre-right and libertarian thinkers.
The Australian S&P/ASX200 closes down 0.9% at 4,267.40
Posted by: Andy Semple | February 27, 2012 at 04:41 PM
If I was an investor I'd be dumping my shares with this crowd running the joint too :-(
Posted by: bluebell | February 27, 2012 at 04:56 PM
A complete nonsense.
Leadership challenges on any side of poltics, as part of the game which it is, is perfectly allright.
The private sector and the public sector departments and servioces continue to all operate as normal. We all know that policy settings do not change at all during a leadership challenge.
Middel class media snob nonsense being believed by anyone only gives the point headed nerds a sense of satisfaction.
It is crap.
Life goes on during any healthy poltical debate or challenge. These democratic practices should never be hindered by business nerdism and referring to what happened today on the stock market.
Posted by: Michael Webb | February 27, 2012 at 09:27 PM
This says otherwise....
http://www.theaustralian.com.au/business/markets/australian-shares-fall-as-bhp-big-banks-endure-sell-off/story-e6frg916-1226283049611
Posted by: bluebell | February 27, 2012 at 09:38 PM
Well, that should put a smile on Gillard's face .... right in line with their ambitions...
The Fabian wins again,,,, destroy the economy ,,, ahh Mr Keating will be smiling too ...
And the suckers are even starting to warm to her ,,, ha ha ha ha welcome to sapville..where everybody in the world knows what's going on except the bloody fools here,,,or are they just too afraid to admit it???
The whole Rudd thing was probably staged just to achieve this .
Why else would anyone run for office when knowing there was no hope of winning !!!!!!
Wake up Australia.
Posted by: barry | February 27, 2012 at 10:27 PM
To be fair, nobody accuses the ALP of being economically competent. Just look at their treasurer.
Posted by: Anton | February 27, 2012 at 10:37 PM
5 things for the whingers to feel better about:
http://www.theage.com.au/money/planning/five-reasons-aussies-should-feel-smug-20120225-1tul4.html
Posted by: tee | February 27, 2012 at 10:55 PM
And you "really " believe that??? ha ha ha ,,
Posted by: barry | February 27, 2012 at 11:59 PM
Sorry Anton ,, seems
I didn't get my point across!!
Posted by: barry | February 28, 2012 at 12:00 AM
and here is a sixth:
http://mumbrella.com.au/abcs-smh-drops-12-rival-accuses-fairfax-of-abandoning-print-74083
Nobody reads fairfax anymore, because it is crap
Posted by: Anton | February 28, 2012 at 12:08 AM
The ALP government would appear a lot funnier if I didn't have to pay for it.
Posted by: Anton | February 28, 2012 at 12:16 AM
What's the average true range on the XJO over the last few months Andy?
Posted by: liberal elitist | February 28, 2012 at 01:18 AM
My chook lay a double yolk egg after gillard was re-elected.
Spooky stuff.....
Posted by: captain catholic | February 28, 2012 at 06:22 AM
yes right must only read murdoch gutter rags, repeat, must only read murdoch gutter rags, must only read murdoch gutter rags...its working.
Posted by: tee | February 28, 2012 at 08:16 AM
I made a killing in aqueducts yesterday. aqueducts and abestos is where your money should be.
Posted by: tee | February 28, 2012 at 08:17 AM
If that's what you do, OK. I prefer to get my information from a broader, more informed base.
Posted by: Anton | February 28, 2012 at 11:05 AM
That would imply industrial activity.
How is that consistient with another year of communist government here and the imminent collapse of socialist Europe?
Any thoughts on real money (gold)?
Posted by: Anton | February 28, 2012 at 11:13 AM
communist government - you have truly lost your blinkin mind. what bloody planet do you inhabit, go to Nth Korea or better still go to Cuba and get laid or something, get you back on this earth. communist government, oh that is funny; but also sad; how did we ever let loops like you into this country.
Posted by: tee | February 28, 2012 at 01:37 PM
I see your argument is just as strong as ever. and the little ad-hom proves your point completely.
The only error I could find was that you mistook this site for the comments section at The Age.
Posted by: Anton | February 28, 2012 at 01:48 PM
no mistake at all and a loop is a loop. no ad hominen there pure empirical observation: communist government, hhaa, maybe on planet anton; whats there to argue?
Posted by: tee | February 28, 2012 at 01:55 PM
Tee - many inside the Labor party have had communist links...including your red headed wranger during her student days. To be quite frank I don't think many have really left those communistic ideals behind. Labor is red to it's core....only they hide it very very well from the sheeple.
Posted by: bluebell | February 28, 2012 at 01:58 PM
If I looked at their name and believed their rhetoric, instead of looking at their policies, I might come to the same conclusion as you do.
Consensus is proof, right?
Posted by: Anton | February 28, 2012 at 02:17 PM
Umm thats fine Anton, but at least they have policies. In contrast there is a void coming from the hot air pavillion of the mad monk.
Posted by: tee | February 28, 2012 at 03:57 PM
As I said earlier Tee - Abbott will NOT release this major policies until much much closer to election time. You would have to be an utter DILL to give away your policy strategy to your political opposition 18 months out.....especially to this lying bunch of losers!
Posted by: bluebell | February 28, 2012 at 04:06 PM
Yes, they have policies, communist policies.
But they are not a communist party because their name does not say communist. If they called themselves the honest party Juliar would not be liar any more. easy.
Image is everything, substance is nothing, right?
Posted by: Anton | February 28, 2012 at 04:09 PM
Point 1: "Ms Gillard won 71 votes from Labor MPs, while Mr Rudd received 31 votes. Ms Gillard, who ousted Mr Rudd as prime minister in June 2010, had been expected to win with at least two thirds of the vote." and it was a bit better than that, there were 102 voting, 2/3X102=68, 71>68 and considerably better than the 1 (one, single) vote majority TA was able to master when the Libs kicked out Malcolm. So why not report it as it was instead of implying she didn't get 2/3 of the votes?
Point 2: Local investors reacted to the news by selling off shares and the Australian dollar ... prior to the official announcement at 11.00 (AEDT), the benchmark S&P/ASX200 index was down around 0.36 per cent, while the broader All Ordinaries Index was 0.27 per cent lower ... by 12.00 (AEDT), 45 minutes after Ms Gillard won the ballot, the S&P/ASX200 index was down 27.7 points, or 0.64 per cent, at 4279.1 points, while the broader All Ordinaries index had dropped 23.5 points, or 0.54 per cent, to 4365.5 points". OMG, by that much? On very stable market that was flat for months? By golly, what a disaster!! Oh, better still, what a lot of BS!!! The market has been jumping around quite a lot and over the past few months it had more peaks and valleys then the Alps. Get a grip on mate, it even recovered by this morning ... and then it went down again by an astonishing 0.08%!! WOW, investors must be running away by the boat loads, let's call Abbott Navy to stop the flow. Please publish when you have some REAL news otherwise ... shush!
Posted by: dante | February 28, 2012 at 05:13 PM
You are not an investor? How come? Only those with large portfolio to defend would write the crap you write, and you haven't even got that. I wonder why I and others like me with considerable assets support the party that people like you love to call "communist"?
Posted by: dante | February 28, 2012 at 05:19 PM
WOW, you quote the Australian, it's like quoting Genesis in support of creation theory!!!
Posted by: dante | February 28, 2012 at 05:21 PM
Yes, it was a sinister plot, a conspiracy ... but it didn't fool you, did it? Your sharp mind (of the shape of U bend) won't be fooled, will it ... LOL
Posted by: dante | February 28, 2012 at 05:23 PM
Excellent Anton, in fact our incompetent treasurer was awarded an international award for his incompetency and you won an Oscar for your extreme competence in the subject of Civilians Resisting Absolute Propaganda or CRAP!!
Posted by: dante | February 28, 2012 at 05:29 PM
"how did we ever let loops like you into this country" ... I suspect he was born here and never moved more than 5 m from his cradle. If he was born overseas, he would never, ever found his way out of the front door, let alone going to another country... Anton is a typical well informed mushroom ... lives in the dark and is fed on bullshit!
Posted by: dante | February 28, 2012 at 05:35 PM
Do you and others that use the word "communism" understand what it is? Your ignorance is TOTAL, your blind faith in a collapsing system will be your undoing. No political system is perfect.
Smart people learn from all sources, idiots and sheep follow blindly. Which one are you?
Posted by: dante | February 28, 2012 at 05:39 PM
dante's been having a nap
Posted by: barry | February 28, 2012 at 05:39 PM
I see you suffer from an ailment common among leftists - delusion.
An "award" from the socialist financial community is worth, well .. think Greece, Italy, Spain, USA. You get the idea.
Try this: If everyone in the Labor party said Juliar Gillard was honest, would that make it true?
Posted by: Anton | February 28, 2012 at 05:40 PM
But I see he's defending the world's greatest treasurer,,,, ha ha ha ,, guess he hasn't woke yet !!!!
Posted by: barry | February 28, 2012 at 05:42 PM
Yep, he will release policies closer to an election ... and that is why he is calling for one at least 4 times/day. The fact is simple, he does not have policies, populist politicians have no policies, they do not lead, they follow. In any case, Malcolm will soon remove the mad monk, at least we may have some debate instead of NO, NO, NO, NO, NO, NO
Posted by: dante | February 28, 2012 at 05:43 PM
It's called learning the party "talking points" sheet. His level of stupidity does not come easily
Posted by: Anton | February 28, 2012 at 05:43 PM
Bluebell the only policies the mad monk has are rehashed failed Howard policies. I repeat failed: kicked out of office lose your seat in ignominy failed policies. But let him keep em, all you got to do is mention work choices by any name and the electorate will flick him like they did howard. I suggest for Anton if he believes so strongly in such things that he set up his own hot air pavilion in the heart of enemy territory at the corner of Peel and Grey sts. South Brisbane and their spruik the wonders, the veitable truths of Work Choices. In the meantime he may honestly (is that possible?) ponder the truths of the above 5 Fairfax facts.
Posted by: tee | February 28, 2012 at 05:45 PM
It's called WORK, a 4 letter word that unfortunately most have forgotten the meaning of. I don't sit on my ... hoping that someone does something or I get a handout. I work and contribute.
Posted by: dante | February 28, 2012 at 05:46 PM
Help me with your logic:
> Abbott will release his policies closer to the election
>but he has no policies yet
>So he calls for an election now
>so that he can release his non existent policies???
It is starting to become clear why leftist logic leads to unintended consequences.
Oxymoron of the day: Leftist think tank
Posted by: Anton | February 28, 2012 at 05:47 PM
He has woken up, he was spewing CuSO4 (only chemists and scientist will understand) to Abbott's mate, Kevin the Messiah, that has been undermining the government.
Posted by: dante | February 28, 2012 at 05:50 PM
Tee, can you guys stop pushing that policy void,$70B black hole negative rubbish-that is purely media driven. I know you don't want to believe it but the media is by and large left wing. The Canberra press gallery led by the likes of Oakes and bonjournio are left-there is no arguing that. Fairfax is predominately left-no arguing that. The ABC is left of the Greens-no arguing that. Ch7 under stokes-left (kochie,mark riley et al)SBS-left anti american anti jewish soccer channel. In fact without the blogosphere there would be few conservative journalists in Australia. Even the "hate" media as you call them has Paul Kelly, PVO,David Speers,Keiran Gilbert,George Maglogenis,Mumbles,Dennis Atkins-all pro left or anti conservative-take your pick.
You only have to look at the govt ministry is NEVER held to account when they call the carbon tax a reform-no it is not-it is a tax based on an outrageous lie bought in on a lie. They are never held to account for saying it.
Lets put the coverage in perspective. here is a cv for the two leaders
Tony Abbott vs Julia Gillard
Volunteer Firefighter vs
No community volunteering ever
Volunteer Lifesaver vs
No community volunteering ever
Volunteer Aboriginal community teacher vs
No community volunteering ever
Economics degree vs
No economics degree
Married vs
Has affairs with married men
Ex journalist vs (tie)
Ex Lawyer
3 children with home & mortgage vs
No children, no mortgage
Practices Christian faith vs
Stated Atheist
Successful Health Minister vs
Education Minister for the BER rorting
Supported his PM vs
Knifed her PM
His Government left
20 Billion $$$ surplus vs
Her government has created a
90 Billion $$$ Debt and is currently borrowing 100 million dollars each day
Has always belonged to
the Liberal party vs
Documented Links to
the Communist party
Needs Liberal votes to win vs
Needed Green preference
and bribed independents to win
Rhodes scholar vs
Fabian socialist society
Has not changed his standing vs
"Real Julia" revealed
compared to ... what, fake Julia?
Stopped the boats vs
Says "Another boat, another policy
failure" in opposition - but in government
has no idea
Chosen opposition leader vs
UN-elected PM
Wife runs community child care centre vs
Boyfriend does her hair every morning
Posted by: kraka | February 28, 2012 at 05:53 PM
I can't help if you can't understand. Let me make it clear for you.
Abbott can't release policies because he doesn't have any. It was bluebell that suggested the mad monk will release close to the election but she forgot to say that TA is asking for an election 4 times/day.
Are you thick or drunk or both?
Posted by: dante | February 28, 2012 at 05:54 PM
Only a scientist knows what copper sulphate is? Leftard education has deteriorated more than I realised
Posted by: Anton | February 28, 2012 at 05:56 PM
workchoices scare campaign won't work again next time Tee-also media driven fantasy that workchoices was mainly responsible for howards election loss. Which other failed policies do you speak of?
Posted by: kraka | February 28, 2012 at 05:57 PM
Kraka said "I know you don't want to believe it but the media is by and large left wing", really? Why can't I stop laughing? Oh you are so funny, funny, funny ...
Posted by: dante | February 28, 2012 at 05:58 PM
Resorting to personal attacks undermines your arguments Dante - I have very little to add other then to say you need to take a long hard look at the party you are supporting. They are wrecking the country and destroying people's lives.
Lives like this man:
http://www.gladstoneobserver.com.au/story/2012/02/27/family-man-at-breaking-point/
Posted by: bluebell | February 28, 2012 at 06:00 PM
Sorry, you are slower than I realised.
If TA has no policies, why would he be calling for an election 4 times a day.
(Only leftards are attracted to failure, so your logic does not make sense applied to a conservative)
Posted by: Anton | February 28, 2012 at 06:01 PM
Relative to dante, the media are far right.
Relative to dante, my dog is an economic genius
Posted by: Anton | February 28, 2012 at 06:03 PM
One word perfect to describe your analysis "BIZARRE", please see a psychiatrist ASAP ... and please learn some facts about our form of government. WE DO NOT ELECT PM!!!!
Posted by: dante | February 28, 2012 at 06:04 PM
and relative to you your dog is deserving of a Nobel prize in economic and any other field you wish to name.
Posted by: dante | February 28, 2012 at 06:08 PM
these guys are Americans at heart Dante, they want a big daddy to rule over them, but all cry nanny state, individualism and libertarianism. we vote for a parliament in this country not a president. if thats what people like they should emigrate enmasse to the holy stuff upped U.S.of arsehats, and let Australia be run by Australians, by an Australian system for Australians, not for the rich, the media barons, the racists, the greed obsessed and the whingers. Long Live Australia.
Posted by: tee | February 28, 2012 at 06:11 PM
All you trolls were missing in action at Menzies House during Julia's little crisis....didn't think we would notice, did you?
Posted by: bluebell | February 28, 2012 at 06:25 PM
Right WingNuts that know little about economics or the way the share market works, including the original poster!
Read my lips: "When BHP shares fall, in most cases it will take the S&P/ASX200 index with it". When the BHP share price falls, other investors panic, cash in and run and the result is the market moves further than the original BHP slide.
Linking the market to yesterday's leadership tussle is nothing but a wank (a major economic journalist activity anyways).
Posted by: Oldman | February 28, 2012 at 06:33 PM
tee seems to be teetering on the edge .....lol
Posted by: barry | February 28, 2012 at 06:40 PM
dante has a bit of catching up to do,, the world has changed since we last heard from you dante ,,, we will keep you informed.......!!!
Posted by: barry | February 28, 2012 at 06:42 PM
I would support the idea of making my dog the PM. Actually, it would only be a gender change if you think about it.
Posted by: Anton | February 28, 2012 at 07:05 PM
let Australia be run by Australians
Like Julia Gillard?
Posted by: Anton | February 28, 2012 at 07:11 PM
http://www.youtube.com/watch?v=hMk63SOkdms
Posted by: bluebell | February 28, 2012 at 07:15 PM
Time for a group hug people.
Posted by: budgie smuggler | February 28, 2012 at 07:16 PM
You can be assured there are no groups hugs going on at Labor HQ in Canberra, lol!
Even if they banished the Kevinator to Siberia he would still manage to cause grief to Gillard and her supporters - if I were Jools I would look at hiring a bodyguard from that ambitious maniac.
Posted by: bluebell | February 28, 2012 at 07:53 PM
Your 5 things to feel better about:
Start with this - Since the election of Rudd in November 2007, public administration, education, and health sector jobs have accounted for nearly six out of 10 of the 760,000 jobs created, instead of the longer-term two out of 10. This is why unemployment is not running at 7 per cent
http://afr.com/p/opinion/labor_votes_leaking_away_GDPOP0lPqL9318TQWsoHhN
There - no real growth, just more parasites for taxpayers to support.
If we measured underemployment rather than "fudged" unemployment things would be even worse.
Going into debt by $60b a yaer is also not good, no matter where you start from.
Or you could just read the Age, and feel soooo good. Ignorance is bliss I suppose.
Posted by: Anton | February 28, 2012 at 07:54 PM
rather Gillard than You Anton. You wouldnt have a clue what it means to be one. Aren't you a Safrican financial refugee?
The economy is in great shape you can bubble and hiss and burble all you want and go against the grain of world opinion for as I said things are bad on Anton's planet where work choices are enforced and every one just slaves. No real growth go - stick ya pseudo- libertarian shite up some stupid T partier's khyber bud. You wouldn't have an effen clue. Long Live Australia. Long Live the present prosperity and oh Barry you (funny ha ha) drongo, get stuffed.
Posted by: tee | February 28, 2012 at 08:39 PM
Long Live the present prosperity
Hahahahaha
Long live the Western 'tax and spend' welfare state!
Why do you think our economy looks like it does, and not like the UK?
Posted by: John Mc | February 28, 2012 at 08:58 PM
Your all class Tee.....NOT!
Posted by: bluebell | February 28, 2012 at 09:16 PM
Tee, there is growth. Just that it is in government employed parasites rather than productive private sector wealth creators.
BTW, how is a work choice slavery?
Posted by: Anton | February 28, 2012 at 09:40 PM
The economy is in great shape
http://www.couriermail.com.au/business/jobs-at-risk-as-wow-sight-and-sound-forced-into-receivership/story-fn7kjcme-1226283007633
What exactly does bad look like tee?
Posted by: Anton | February 28, 2012 at 10:07 PM
courier Mail good one Anton showing your sources now, hahahahahaa. In Anton's planet work choices rule and every one slaves. right bwanna?
class is a state of mind BB.
sell your shares John Mc its all going down the tube this week and then where would you be?
Posted by: tee | February 28, 2012 at 10:12 PM
Another business goes broke, is the Courier Mail wrong?
You still need to explain how having a choice is slavery.
Or is centrelink true freedom?
Posted by: Anton | February 28, 2012 at 11:21 PM
dont give me your sophistry about choice in regards work choices. do you think im stupid ijit. go try it on some tparty imbecile.
Posted by: tee | February 29, 2012 at 12:18 AM
No, I think you are a troll.
No sane person could actually hold the views you express here.
Posted by: Anton | February 29, 2012 at 12:30 AM
there no choices in work choices. it is only a means of exploitation. ive had this discussion with you a year ago. now i know you have no memory as well as being a casuist full of fallacious reasoning as well as a loon who thinks anyone who is not an extremist pseudo libertarian is a communist. go to bed boy.
Posted by: tee | February 29, 2012 at 12:34 AM
In all honesty I have friends who were happy with contracts. They were negotiated to the benefit of both sides and a mutual agreement struck. Contracts allow employers flexibility and employees can for the large part choose their own hours. Many mothers with children were especially grateful for negotiated contracts. Work choices was a good idea, but the Howard government lent it too far in the employers favor....now it has swung too far the other way. It needs to be bought back to a more stable,fair and workable model that takes into account both sides of the economic equation.
Posted by: bluebell | February 29, 2012 at 12:35 AM
You tell us all...you obviously know the "answer"
Posted by: Andy Semple | February 29, 2012 at 12:41 AM
I am not a pseudo libertarian, I am the genuine article.
Except when I am a neo conservative, Cory, Lord Monkton, anti intellectual, right winger, South African racist or whatever else your Getup buddies feel on the day.
But back to the topic, do you have an argument?
Posted by: Anton | February 29, 2012 at 12:45 AM
One of the most satisfying experiences of any employer is to to have a conversation with an ex employee who has recently employed people for the first time themselves.
The penny has dropped that they have to find wages every week, have to deal with cash flow or lack of it, deal with absenteeism, deal with 'my mother is sick' and I won't be able to come in for a week, deal with an employee who leaves with no notice, deal with the 1 in 10 employees who regularly helps themselves to some stock, deal with a creditor who has just gone broke, have to deal with an employee who has just finished a 6 week paid for training course and leaves for another company the day they get back, blah, blah
This gets even better when they get 20 employees and the union gets involved and they have to deal with a moronic shop steward who dreams of shutting businesses down.
After many years bosses become conditioned to identifying valued employees and do everything they can to reward them. They become conditioned to screening out non performers and acting quickly to remove them.
As a Labor government cycle comes around, bosses know that unions will be empowered and realise that removing non performers becomes a difficult task. They become particularly focused on HR, reduce their workforce and seek to reward their best employees in other ways. Unions hate this practice and do everything to ensure no one is overtly rewarded.
Until employees or unionists have experienced risking their own money employing others, their comments about 'the boss' are laughable.
Posted by: bluebell | February 29, 2012 at 12:49 AM
Rampant capitalist greed loses another 500 jobs in Qld.
"Company auditor BDO found the company had breached one of its loan covenants in 2011, leaving it owing $15 million more than it owned in assets.
However at that time, the directors believed the company could continue trading."
http://www.couriermail.com.au/business/jobs-at-risk-as-wow-sight-and-sound-forced-into-receivership/story-fn7kjcme-1226283007633
you're an absolute joke Anton, a twister of facts and as I said a casuist. For some Work choices may be helpful. For most it is a means of exploitation at the hands of greedy irresponsible bosses as in the article above (you desperately posted last night in a vain attempt to deny the economy was going well - pitiful may i say) for whom profit is their only guiding principle- and that aint no principle at all. And BTW, Anton you often used to sign off as Cory, so stop lying again and stop twisting things; youre as bad as that twisted pseudo-libertarian Ron Paul who for all his talk of liberty and freedom if one looks at his record is only about repression and control of any one he disagrees with. Sound familiar liar boy?
Posted by: tee | February 29, 2012 at 07:37 PM
and so it goes on. Work Choices pfft. The LNP the friend of the working family pfft:
http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases%2F2012%2F009.htm&pageID=003&min=djb&Year&DocType
Posted by: tee | March 1, 2012 at 01:59 PM
Your laughing Dante because you know it is true and the media is majority on your side of the fence> Care to name the FULL TIME right wing journalists at Fairfax,ABC and SBS. I named the lefties at the only major media organization in Australia that represents both sides of the fences (and I left several out). You will have to scrape the barrel to name 5 and even then you will name someone like Pilger or Manne as "objective". Now that would be funny. I also call you out on your work comment-anyone with your opinions who says that they are hardworkers are definitely on the taxpayer teat 100%.
Posted by: kraka | March 1, 2012 at 02:16 PM