At 1205 AEST, the benchmark S&P/ASX 200 index slid 0.42 per cent to 4318.7 points and the broader All Ordinaries Index sank 0.46 per cent to 4403.8 points.
The resources sector weighed on the market at noon, with the major miners extending their losses.
BHP Billiton declined 1.96 per cent to $34.49, while rival Rio Tinto dropped 0.92 per cent to $66.17.
Fortescue Metals sank 1.83 per cent to $5.90.
AGL fell 0.33 per cent to $14.78, after the competition watchdog suspended clearance process for the group's purchase of Australia's largest brown coal power station.
Among gold miners, Newcrest shrunk 2.22 per cent to $28.54 after Eldorado Gold slid 0.89 per cent to $13.30.
In energy stocks, Woodside fell 0.48 per cent to $35.11, Santos declined 1.04 per cent to $14.27 and Oil Search shrunk 0.7 per cent to $7.01.
The financial sector was mostly higher, with three of the big four banks trading in the black.
ANZ dipped 0.52 per cent to $22.87, Commonwealth Bank of Australia decreased 0.07 per cent $50.00 and Westpac rose 0.82 per cent to $22.
National Australia Bank bucked the trend, slipping 0.36 per cent to $24.52.
Investment bank Macquarie Group sank 0.49 per cent to $28.98.
In insurance, QBE swelled 2.58 per cent to $14.26. The group expects its premiums to rise by more than seven per cent in 2012 after an unprecedented number of natural disasters.
Insurance Australia Group rose 0.87 per cent to $3.47, while Suncorp eased 0.24 per cent to $8.24.
In retail, Coles owner Wesfarmers fell 0.33 per cent to $29.89, while rival Woolworths gained 0.19 per cent to $25.75.
David Jones sank 5.16 per cent to $2.29, while rival Myer fell 0.44 per cent to $2.22.
JB Hi-Fi eased 0.38 per cent to $10.46 and Harvey Norman fell 0.91 per cent to $1.95.
Blue chip Telstra increased 0.75 per cent to $3.35.
Singapore Telecommunications gained 0.62 per cent to $2.41, after subsidiary Optus called for greater regulatory oversight of NBN Co.
Qantas dropped 1.74 per cent to $1.68, while rival Virgin gave up 1.88 per cent to 41.7 cents.
Transfield Services plunged 13.25 per cent to $2.16, after the croup cut its full year profit forecast by about a fifth.
In other economic news, the Australian Industry Group/Commonwealth Bank Australian Performance of Services Index (PSI) showed a contraction in the Australian services sector in March.
On Tuesday, the local sharemarket pared gains to close flat after the Reserve Bank of Australia left the official cash rate on hold for the third straight month.
The benchmark S&P/ASX 200 index edged up 0.17 per cent to 4,328.1 points, while the broader All Ordinaries Index rose 0.18 per cent to 4,424.4 points.
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