The week ahead with Michael Pascoe
Interest rates, and how far and how soon they'll rise, seem to be the nearest thing we have to a general concern.
Close Shares lost 0.6 per cent today, after shifting into negative gear when a fall in the Dow futures sent shivers through the region's markets.
At the close, the benchmark S&P/ASX200 index was down 34 points, or 0.7 per cent, at 4784.1, while the broader All Ordinaries index fell 32.1 points, or 0.7 per cent, to 4799.4.
The afternoon sell-off began after Dow futures dropped, pointing to a lower start of trade later today on Wall Street, and affected the materials, energy and finance sectors – all of which were in positive territory shortly after the market open.
Materials stocks lost 0.8 per cent, financials shed 0.7 per cent, energy slipped 0.2 per cent, while gold shares were 1.2 per cent lower.
need2know:
- Asian shares fall as investors shun risk
- The dollar slips to 91.6 US cents
- Oil eases below $US81 as US confidence wanes
- Gold inches up to around $US1104
- Dow futures are 56 points lower at 10,589
BHP Billiton was down 28 cents to $42.57 and Rio Tinto was 58 cents lower at $75.38.
In news today, China is blaming market forces and a campaign by BHP Billiton for the failure of its planned $US19.5 billion ($21.2 billion) investment in Rio Tinto last year, not Rio or the federal government.
Transfield Services shares added 7 cents to $4.19 after it announced that it was selected as the preferred provider for a 30-year Canadian road contract.
Oil Search said the massive Papua New Guinea liquefied natural gas project (PNG LNG) had reached financial close and was proceeding in full. Oil Search was up 2 cents at $5.68.Santos, which also has a stake in the $14 billion project, was up 12 cents, or 0.9 per cent, to $14.18.
Woodside was down 42 cents to $44.99.
Gold miner Avoca Resources has unsuccessfully attempted to acquire the remainder of the Frog’s Leg mine in Western Australia from its Canadian joint venture partner. Avoca shares dropped 8 cents to $1.89.
Telcos drop
Telstra fell 2 cents to $3.04 and Optus owner Singapore Telecommunications dropped 3 cents to $2.44.
Among major gold stocks, Lihir Gold was 4 cents weaker at $2.97, Newcrest Mining was 52 cents, or 1.5 per cent, weaker at $33.69.
The most traded stock by volume was pharmaceutical and biotechnology group OBJ, with 152.44 million shares worth $9.64 million changing hands. OBJ stock was down 0.2 cents, or 3.3 per cent, at 5.9 cents.
Overall market turnover was 2.42 billion shares worth $4.28 billion, with 441 stocks up, 627 down and 354 unchanged.
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information, click hereAAP, with BusinessDay
