The Australian stock market is trading lower on Thursday july 14 2011, led by retail stocks after upmarket retailer David Jones issued a profit warning. In early morning trades, the benchmark S&P/ASX 200 Index is losing 20.10 points or 0.45 percent to 4,494.70 and the broader All Ordinaries Index is down 16.70 points or 0.36 percent to 4,566.50.
The Australian market closed higher on Wednesday, ending a two-session losing streak. Better than expected economic growth data from China boosted the market. The S&P/ASX200 index added 19.4 points or 0.4 percent to close at 4,514.8 and the broader All Ordinaries index advanced 19.7 points or 0.4 percent to settle at 4,583.2.
Shares in David Jones are currently trading lower by more than 15 per cent after the upmarket department store chain issued a profit warning. The company forecasts net profit for the year to decline by between 0.5 per cent and 2 per cent, equating to a profit between A$167.7 million and A$169.7 million to its July 30 balance date.
The profit warning prompted a sell off of retail stocks, with Myer Holdings Ltd. is declining more than 5 per cent, JB Hi-Fi is down more than 3 per cent and Harvey Norman is losing 3.75 percent.
However, Myer reaffirmed its earnings outlook for fiscal year 2011. The company said it still expects to post an annual net profit after tax that is up to five percent below last year's result of A$169 million, subject to no further deterioration in trading conditions over the final two weeks of the company's trading year.
Among mining stocks, BHP Billiton is losing 0.28 percent and Rio Tinto is down 0.91 percent.
In the banking space, ANZ is down 0.95 percent, Commonwealth Bank is declining 0.79 percent, National Bank is losing 1.07 percent and Westpac is declining 0.57 percent.
In the energy sector, Oil Search is adding 0.76 percent, Santos is gaining 0.91 percent and Woodside is up 0.30 percent. Origin Energy is down 0.73 percent.
News Corporation gained more than 4 percent after the company dropped its bid for British pay TV company BskyB. The company's decision was announced on Wednesday shortly before Britain's parliament began debating a government-backed motion calling on Rupert Murdoch to halt his bid to acquire the remaining 61 per cent of BSkyB that his company does not own.
Related Post:
australian stock market
- Australian stock market outlook open down may 7 2012
- why Aussie Drops april 13 2012
- Australian share market april 4 2012
- Australian stocks market opened march 5 2012
- Australian stock to watch feb 15 2012
- Australian stocks february 13 2012
- Leighton Holdings stock feb 7 2012
- BHP Billiton, RIO Tinto Shares prices down feb 3 2012
- Leighton Holdings stock feb 3 2012
- Fairfax Media Stock february 3 2012
No comments:
Post a Comment