Stocks at new 4-year low

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Stocks at new 4-year low

The Australian sharemarket has closed at a fresh four-year low after falling more than 1% on renewed global recession fears.

The benchmark S&P/ASX200 index was down 60.2 points, or 1.56%, at 3809.2, while the broader All Ordinaries index had lost 63.3 points, or 1.65%, at 3768.3.

The S&P/ASX200 today closed at its lowest since November 2, 2004.

The All Ords closed at its lowest since October 27, 2004.

ABN Amro Morgans director of equities Bill Chatterton said it had been a volatile day again on the local sharemarket.

"It has been up and down all day basically,'' he said.

Mr Chatterton said the falls were not as bad as expected, given the significant decline on Wall Street on Friday.

"Considering the Dow was much more volatile, down over 3%, it's not so bad in a relative sense.''

In New York on Friday, the Dow Jones Industrial Average slumped 312.30 points, or 3.59%, to 8378.95, in a volatile session that had the blue-chip index down as much as 500 points on Friday.

Mr Chatterton said the big miners, such as BHP Billiton and Rio Tinto, performed well today.

"That is a little bit encouraging, I think there is tremendous value there.''

BHP Billiton gained 22 cents, or 0.9%, to $24.60, while Rio Tinto was up 55 cents, or 0.86%, to $64.65.

The banking sector closed weaker.

ANZ shares were down 55 cents, or 3.13%, to $17.00, National Australia Bank dropped 78 cents, or 3.16%, to $23.92 and the Commonwealth Bank shed 82 cents to $40.02.

Westpac slipped 67 cents lower, or 3.24%, to $19.99 while St George fell 32 cents to $26.39.

Woodside Petroleum was down $2.31, or 5.9%, at $36.90 and Oil Search lost 30 cents, or 8.7%, to $3.15 but Santos gained 19 cents, or 1.6%, to $11.75.

Safe haven gold stocks were higher, as spot gold was trading in Sydney at $US726.20 an ounce, up $US16.26 on Friday's close of $US709.95.

Among local gold stocks, Newcrest Mining gained 45 cents, or 2.6%, to $17.90, Newmont Mining added 26 cents, or 7.4%, to $3.78 and Lihir Gold rose four cents, or 2.6%, to $1.57.

Making news, Australia's only listed health insurer, NIB Holdings, rejected an unsolicited, incomplete takeover offer valuing the company at up to $621.4 million.

NIB was up nine cents, or 13.9%, at 74 cents.

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Consolidated Media Holdings, a 25% stakeholder in Nine Network owner PBL Media, said James Packer has resigned from PBL Media group's boards.

Consolidated Media added six cents to $2.08.

On the Sydney Futures Exchange, the December share price index futures contract was 111 points lower at 3766 on a volume of 35,977 contracts.

AAP

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