By 1215 AEDT both major local indices had pulled down further, with the benchmark S&P/ASX200 index shed 40.4 points, or 0.95 per cent, at 4,204.1 and the broader All Ordinaries index lost 40.9 points, or 0.95 per cent, to 4,265.1.
Commsec market analyst Steven Daghlian said the market had followed weak leads from European and US share markets overnight.
He said that JP Morgan's earnings, which were released before Wall Street opened, had helped cause financials in almost every major economy to fall heavily.
"The commentary that accompanied (the results) was negative in terms of investment bankers keeping cash on sidelines because of the economy in Europe," Mr Daghlian said.
In local trade, the financial sector saw more moderate falls, down 0.7 per cent, with Westpac the worst performing major retail bank, down 16 cents, or 0.74 per cent, at $21.59.
He said the market was looking towards China's inflation reading - which investors expected to fall - at 1230 AEDT for further direction.
Losses were broad-based across all sectors after copper, oil and gold prices all fell in offshore trade on Thursday.
The materials sector led the downward trend, falling 1.95 per cent.
The spot price of gold in Sydney was $US1,664.75 per fine ounce, down $US6.55 an ounce from Thursday's close at $US1,671.30.
Energy stocks were also hit hard, trading 1.45 per cent lower after world oil prices fell Thursday as traders fretted about slowing demand in China after its trade surplus narrowed for a second straight month.
The weakest stock of the top 100 companies on the ASX was Aquarius Platinum, which lost 5.75 per cent, or 18 cents, to $2.95.
The best performing stock on the same index was Cochlear, which gained 4.9 per cent, or $2.50, to $53.70.
Making headlines in local trade, Leighton Holdings shares fell 1.1 per cent, or 23 cents to $$20.41 after its offshore division was awarded an $US518 million contract by Iraq's South Oil Company (SOC) to develop two offshore platforms.
Leighton also won a $80 million mooring contract.
Qantas said its plight was "getting worse, not better", as engineers prepared to walk off the job on Friday, with about 7,000 passengers expected to have their travel plans disrupted.
Its shares fell half a cent to $1.56, after Prime Minister Julia Gillard warned the government had powers under the Fair Work Act to intervene in the dispute if it began to impact the national economy or health and safety, a move the federal opposition said it would support.
Mr Daghlian said Qantas shares had shed about 40 per cent in 2011, worse than the broader market, with the All Ords index down almost 12 per cent for the year.
Market turnover was 717 million shares worth $1.45 billion, with almost nine shares falling for every one that gained on the ASX 100.
The December share price index futures contract was down 28 points at 4,208, with 18,647 contracts traded.
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