Stocks tumble 0.9% following afternoon sell off
June 29, 2010
The Aussie market reversed morning gains, tumbling through the afternoon to close down 0.9%. The miners lost ground, however it was the energy sector and consumer staples stocks where losses were greatest.
With only one day to go before the new financial year, the ASX/200 is 10% higher than its close at the end of the last financial year.
At the close, the All Ords slumped 39.1 to 4,370.6, while the ASX/200 retreated 38.8 to 4,345.7. Around 1.8 billion shares worth around $4.4 billion had changed hands.
BHP Billiton and Rio Tinto lost 1% and 0.3% respectively. RBS this morning speculated that Rio shareholders might vote against the proposed merger of iron ore operations with BHP in the Pilbara region.
Fortescue retreated 11c to $4.31.
Newcrest and Lihir were down 1.8% and 2% respectively to $35.29 and $4.32.
Steel stocks, Bluescope and Onesteel edged between 0.5% and 1.3% lower, while Nufarm was upgraded to Neutral by Credit Suisse, sending that company’s shares 23c higher to $5.43.
The broader Materials and Resources sector fell 1%.
The Banks and Financials sector retreated 0.8%. Among the major banks, Westpac reversed morning gains to close down 26c to $21.25, while ANZ sank 42c to $21.87.
Investment bank Macquarie shed 2.2%, extending its worst five-day loss in over 15 months. The banks have been hit by deteriorating business conditions and the loss of key staff.
AMP and QBE were 1.1% and 0.9% lower, joined below the line by Suncorp-Metway, which lost 3c to $8.04.
Property Trusts traded in the opposite direction to the broader market, moving to a 1% gain for the day, led by Westfield, which surged 15c to $12.45.
Goodman Group was up 2c to 64c.
A 71c decline in the price of Woodside shares to $42.57 led the Energy sector to a 1.2% retreat. Santos slid 7c to $12.59.
Linc Energy was down 1.9% despite saying it is experiencing success in the development of a hydrogen fuel cell.
Downer EDI tumbled 25c, or 6.3% to $3.74 after responding to media reports, saying the company had ample liquidity with in excess of $600 million in available funds.
The Industrials sector eased 1.1% lower.
Leighton - the sectors biggest company – lost 1.6% to $29.51, while airliner Qantas dipped 7c, or 3% to $2.23.
Campbell Brothers rallied 4.8% to $30.71 after forecasting a record half-year profit.
The Consumer Staples and Discretionary sectors were 1.1% and 0.5% softer.
Newscorp helped media stocks higher with a 1.1% gain to $17.01, while gamer Tatts Group eased just 2c lower to $2.23, despite writing off $165 million, mainly from its UK businesses.
Wesfarmers reversed early gains to close 32c, or 1.1% in the red at $28.8, while Woolworths shed 43c to $27.04.
Around the region, the Nikkei 225 lost 123.3 to 9,570.7, the Straits times Index gave up 35.6 to 2,834.4 and the NZSE50 retreated 17.3 to 2,991.1. The Hang Seng was down 222.4 to 20,504.3
Spot gold was trading at US$1,238.47 per ounce, while the Aussie was buying US$0.8632.
With only one day to go before the new financial year, the ASX/200 is 10% higher than its close at the end of the last financial year.
At the close, the All Ords slumped 39.1 to 4,370.6, while the ASX/200 retreated 38.8 to 4,345.7. Around 1.8 billion shares worth around $4.4 billion had changed hands.
BHP Billiton and Rio Tinto lost 1% and 0.3% respectively. RBS this morning speculated that Rio shareholders might vote against the proposed merger of iron ore operations with BHP in the Pilbara region.
Fortescue retreated 11c to $4.31.
Newcrest and Lihir were down 1.8% and 2% respectively to $35.29 and $4.32.
Steel stocks, Bluescope and Onesteel edged between 0.5% and 1.3% lower, while Nufarm was upgraded to Neutral by Credit Suisse, sending that company’s shares 23c higher to $5.43.
The broader Materials and Resources sector fell 1%.
The Banks and Financials sector retreated 0.8%. Among the major banks, Westpac reversed morning gains to close down 26c to $21.25, while ANZ sank 42c to $21.87.
Investment bank Macquarie shed 2.2%, extending its worst five-day loss in over 15 months. The banks have been hit by deteriorating business conditions and the loss of key staff.
AMP and QBE were 1.1% and 0.9% lower, joined below the line by Suncorp-Metway, which lost 3c to $8.04.
Property Trusts traded in the opposite direction to the broader market, moving to a 1% gain for the day, led by Westfield, which surged 15c to $12.45.
Goodman Group was up 2c to 64c.
A 71c decline in the price of Woodside shares to $42.57 led the Energy sector to a 1.2% retreat. Santos slid 7c to $12.59.
Linc Energy was down 1.9% despite saying it is experiencing success in the development of a hydrogen fuel cell.
Downer EDI tumbled 25c, or 6.3% to $3.74 after responding to media reports, saying the company had ample liquidity with in excess of $600 million in available funds.
The Industrials sector eased 1.1% lower.
Leighton - the sectors biggest company – lost 1.6% to $29.51, while airliner Qantas dipped 7c, or 3% to $2.23.
Campbell Brothers rallied 4.8% to $30.71 after forecasting a record half-year profit.
The Consumer Staples and Discretionary sectors were 1.1% and 0.5% softer.
Newscorp helped media stocks higher with a 1.1% gain to $17.01, while gamer Tatts Group eased just 2c lower to $2.23, despite writing off $165 million, mainly from its UK businesses.
Wesfarmers reversed early gains to close 32c, or 1.1% in the red at $28.8, while Woolworths shed 43c to $27.04.
Around the region, the Nikkei 225 lost 123.3 to 9,570.7, the Straits times Index gave up 35.6 to 2,834.4 and the NZSE50 retreated 17.3 to 2,991.1. The Hang Seng was down 222.4 to 20,504.3
Spot gold was trading at US$1,238.47 per ounce, while the Aussie was buying US$0.8632.
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