OZL - in trading halt
until Friday 27th February 2009 - click
here
for all details and reports
Stock Exchange
closes over three per cent lower
The Australian share market closed more than three per cent weaker
as the financial and resources sectors suffered heavy losses
because of declining commodity prices
At the close, the benchmark S&P/ASX200 index was 112.7 points,
or 3.14 per cent, lower at 3,476.6, while the broader All Ordinaries
lost 106 points, or three per cent, to 3,425
This is the lowest close in two months
So far this year, the S&P/ASX200 is down 6.6 per cent
In today's trading, all sectors were lower, with banks losing
3.5 per cent, energy firms down 4.3 per cent and materials off
4 per cent
Aequs Securities institutional dealer Ric Klusman said there
were heavy falls across the board
"Most of the damage is being felt in the banking sector"
he said
Mr Klusman said the losses on the local market were due to falls
on Wall Street and news that the UK government would take control
of Royal Bank of Scotland after the bank forecast the biggest
loss yet reported by a UK company
He said rumours that Australian Securities and Investments Commission
would not extend the ban on the short-selling of financial stocks,
due to expire next week, had also affected the market
"I think it's a combination of all those things, and people
will be hoping for a bounce after the inauguration of US president-elect
Barack Obama tonight"
Commonwealth Bank dropped $1.08, or 3.94 per cent, to $26.35,
ANZ Bank fell 73 cents, or 5.06 per cent, to $13.70,
Westpac sank 59 cents, or 3.67 per cent, to $15.50 and National
Australia Bank decreased $1.05, or 5.4 per cent, to $18.39
Bank of Queensland has raised $500 million in a domestic bond
issue to institutional investors - the bank's first use of the
federal government's wholesale funding guarantee
The bank's shares fell 49 cents, or 5.45 per cent, to $8.50
Resource companies fell after a decline in commodity prices,
with investors awaiting a production report from top miner BHP
Billiton Ltd on Wednesday
Analysts have been marking down their forecasts for BHP's
output as demand slows amid the global downturn
BHP Billiton dropped up $1.43, or 4.71 per cent,
to $28.95, while rival Rio Tinto sank $2.56, or 6.31 per cent,
to $37.99
The spot price of gold was lower, trading at $US826.10 an ounce,
down $US14.70 on Monday's local close of $US840.80
The gold miners were mixed, and Lihir Gold fell
12 cents, or 4.2 per cent, to $2.74, Newmont gained 14 cents,
or 2.56 per cent, to $5.60 and Newcrest fell 74 cents, or 2.37
per cent, to $30.53 |
