Close The Australian share market has ended deep in the red, hurt by investor anxiety ahead of the reporting season.
At the close, the benchmark S&P/ASX200 index was down 56.6 points, or 1.5 per cent, at 3737.5 points, hitting a seven-week low, while the broader All Ordinaries index fell 52.6 points, or 1.1 per cent, to 3738 points.
Among the sectors, materials shed 1.7 per cent, financials dropped 1.8 per cent and energy stocks lost 1.2 per cent.
Traders and fund managers said trade was muted because many players were waiting for companies to provide forecasts on revenue growth in next month's earnings season before taking any investment decisions.
"Until investors become more confident about growth, markets are likely to remain rangebound," UBS said in a note to clients.
need2know:
- Asian shares slump to 7-week low on recovery doubts
- The dollar falls under 78 US cents in quiet trade
- Oil dives to $59, extending last week's losses
- Gold is steady at $US913 after last week's fall
- Dow futures are 50 points lower at 8035
One bright spot was Fortescue Metals, which jumped 9 cents, or 2.7 per cent, to $3.49 after the miner said, June quarter and full-year mining rates exceeded expectations.
The company also said it was closely watching relations between China and Australia following the detention a week ago of four Rio Tinto staff on suspicion of espionage.
Rio Tinto shares were down $1.73, or 3.6 per cent, at $46.63, as uncertainty continues surrounding the detention in China of Rio executive Stern Hu. BHP Billiton was down 45 cents, or 1.4 per cent, at $32.20.
Among the major banks, Commonwealth Bank was down 73 cents at $36.72, ANZ dropped 28 to $15.75, Westpac lost 24 cents to $18.91, and National Australia Bank was 44 cents lower at $21.94.
Its shares closed up 2 cents at $1.60.
Australian oil producers were lower, with Woodside down 70 cents at $39.20, Santos off 28 cents at $13.02 and Oil Search down seven cents at $5.12.CSR says it is considering a range of options for the planned demerger of its sugar and renewable energy business, and is still to make a final decision. CSR shares were down 3 cents at $1.57.
Virgin emerges from halt
Virgin Blue shares came out of a trading halt this afternoon and fell 1.5 cents, or 4.9 per cent, to 29 cents. The airline is said to be gearing up for a capital raising, but denied details published in Fairfax papers today.
Qantas rose 7 cents, or 3.6 per cent, to $1.855.
Among the gold miners, Newmont was one cent higher at $4.91, Newcrest was down 36 cents at $29.80 and Lihir Gold had dropped five cents to $2.83.
Telstra shares were down 4 cents at $3.37, while rival Optus owner Singapore Telecommunications dropped 7 cents to $2.70.
Retailers were lower. Coles owner Wesfarmers lost 30 cents to $22.10, Woolworths dropped 17 cents to $26.27 and department store David Jones eased 4 cents to $4.28.
Lion owner in merger talks
Japanese drinks companies Kirin Holdings, in the process of mopping up brewer Lion Nathan, and Suntory Holdings are negotiating a merger that would create one of the world's largest beverages makers, according to a report. Lion shares fell 1 cent to $11.60.
In the media sector, Fairfax lost 4 cents to $1.11, News Corp fell 23 cents to $12.36 and its non-voting scrip reversed 24 cents to $10.46.
Seven lost 1 cent to $5.23, while Consolidated Media was steady at $2.60.
The top-traded stock by volume was oil and gas explorer Lakes Oil, with 71.07 million shares worth $974,441 changing hands.
Its shares were down 0.2 cent, or 13.33per cent, at 1.3 cents.
Preliminary turnover was 1.29 billion shares worth $3.08 billion, with 329 stocks up, 573 down and 305 unchanged.
For market data by sector, click
here
For the latest currency
movements, click
here
For share price
information, click here
AAP with BusinessDay
