ID :
167474
Fri, 03/11/2011 - 12:27
Auther :
Shortlink :
http://m.oananews.org//node/167474
The shortlink copeid
Australian shares hit nine-month low
SYDNEY, March 11, (AAP)- The Australian share market has suffered its worst weekly fall in just over nine months, losing ground on Friday as sentiment was further eroded by economic concerns in Europe and the United States.
At 1615 AEDT the benchmark S&P/ASX200 index was down 54.9 points, or 1.17 per cent, at 4,644.8 points, while the broader All Ordinaries index was down 56.5 points, or 1.18 per cent, at 4,734.8 points.
Both indices lost 4.5 per cent for the week, their largest losses since late May.
The market has closed lower in seven out of its last 10 sessions.
IG Markets strategist Ben Potter said negative news from Europe and China had only added to negative investor sentiment already evident as the situation in the Middle East worsens, causing oil prices to rise.
"This pullback started with the tensions in the Middle East and surging oil prices. Now a few other concerns have re-emerged and are combining to derail confidence and sentiment," he said.
"We're not overly concerned about fears of China slowing, but see the Middle East and European sovereign debt issues as more pressing concerns for the market."
AMP Capital Investors head of investment strategy Shane Oliver said the market was undergoing a correction and was likely to continue as uncertainty lingers in the Middle East.
"In the short term, the correction in shares looks like it has further to run as the unrest in the Middle East still looks like being some way from being resolved and we might be heading into another round of worries about European debt," he said.
Losses on Friday were widespread, with the heaviest falls in the heavyweight resources and financials sectors.
BHP Billiton dropped 44 cents to $44.19, Rio Tinto lost $1.62 to $78.80 and Fortescue Metals shed 16 cents to $5.88.
At 1619 AEDT the spot price of gold in Sydney was $US1,411.90 per ounce, down $US18.46 from $US1,430.36 on Thursday.
Among the banks, Westpac lost 29 cents to $22.90, Commonwealth shed 44 cents to $50.86, ANZ dropped 43 cents to $23.17 and NAB was 17 cents lower at $24.74.
Insurers were among the market's better performers, with Suncorp up two cents to $8.19, IAG was steady at $3.47 and QBE lost nine cents to $17.17.
Construction giant Leighton Holdings was the worst performing stock in the ASX100 after going ex-dividend, down $1.23 to $28.85, while Ramsay Health Care was the best, up 29 cents to $18.46.
Telstra also lost ground, down four cents to $2.64.
Preliminary national turnover was $3.4 billion securities worth $6.4 billion, with 303 stocks up, 926 down and 340 unchanged.
At 1615 AEDT the benchmark S&P/ASX200 index was down 54.9 points, or 1.17 per cent, at 4,644.8 points, while the broader All Ordinaries index was down 56.5 points, or 1.18 per cent, at 4,734.8 points.
Both indices lost 4.5 per cent for the week, their largest losses since late May.
The market has closed lower in seven out of its last 10 sessions.
IG Markets strategist Ben Potter said negative news from Europe and China had only added to negative investor sentiment already evident as the situation in the Middle East worsens, causing oil prices to rise.
"This pullback started with the tensions in the Middle East and surging oil prices. Now a few other concerns have re-emerged and are combining to derail confidence and sentiment," he said.
"We're not overly concerned about fears of China slowing, but see the Middle East and European sovereign debt issues as more pressing concerns for the market."
AMP Capital Investors head of investment strategy Shane Oliver said the market was undergoing a correction and was likely to continue as uncertainty lingers in the Middle East.
"In the short term, the correction in shares looks like it has further to run as the unrest in the Middle East still looks like being some way from being resolved and we might be heading into another round of worries about European debt," he said.
Losses on Friday were widespread, with the heaviest falls in the heavyweight resources and financials sectors.
BHP Billiton dropped 44 cents to $44.19, Rio Tinto lost $1.62 to $78.80 and Fortescue Metals shed 16 cents to $5.88.
At 1619 AEDT the spot price of gold in Sydney was $US1,411.90 per ounce, down $US18.46 from $US1,430.36 on Thursday.
Among the banks, Westpac lost 29 cents to $22.90, Commonwealth shed 44 cents to $50.86, ANZ dropped 43 cents to $23.17 and NAB was 17 cents lower at $24.74.
Insurers were among the market's better performers, with Suncorp up two cents to $8.19, IAG was steady at $3.47 and QBE lost nine cents to $17.17.
Construction giant Leighton Holdings was the worst performing stock in the ASX100 after going ex-dividend, down $1.23 to $28.85, while Ramsay Health Care was the best, up 29 cents to $18.46.
Telstra also lost ground, down four cents to $2.64.
Preliminary national turnover was $3.4 billion securities worth $6.4 billion, with 303 stocks up, 926 down and 340 unchanged.
