Billabong shares in trading halt as market rises: Afternoon market insights

A modest rise on the ASX did little to halt the slide of surfwear company, Billabong.

The beleagured company’s shares lost 18% today on reports that private equity group TPG might withdraw its bid to buy the company. Billabong went into a trading halt early this afternoon.

At 2.10pm, the ASX200 added 0.24% to 4449.2, while the broader All Ordinaries index gained 0.22% to 4468.5.

The dollar continued to soften, buying $US1.02115.

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