THE Australian share market lost
ground today for the fourth consecutive day as investor worries about
Europe trumped a rebound in the US overnight.
The benchmark S&P/ASX200 index closed down 12.7 points, or 0.3 per cent, at 4,171.9, while the broader All Ordinaries index was 13.7 points, or 0.3 per cent, lower at 4,237.6.
On the ASX 24, at 1629 AEDT the December share price index futures contract was 12 points stronger at 4,181 with 36,735 contracts traded.
Trading volumes had been light and about 30 per cent below average values, with national turnover of 1.65 billion shares worth $4.25 billion, with 380 stocks up, 545 down and 357 unchanged.
Macquarie Private Wealth client adviser James Rosenberg said the level of today's light volumes had been the case for most days for the past few weeks.
While Europe's debt crisis was weighing on the market, a positive for Australia was talk about China allowing more credit liquidity, with Shanghai's stock market rising on Thursday subsequently, he said.
"We have a substantially greater reliance on what happens in China than what happens in Greece," Mr Rosenberg told AAP.
European leaders last week put together a deal to wipe 100 billion euros ($A133.17 billion) from Greek debt, as well as strengthen banks and doubling the firepower of the European Union bailout fund.
Greece is now planning to hold a referendum on the bailout package, including unpopular austerity measures, which has reignited concerns about the extent of the Greek debt fallout.
Locally, most sectors of the ASX were down, with gold companies and consumer discretionaries bucking the trend.
ANZ Bank reported a 19 per cent lift in full year profit to a record $5.36 billion, which was below expectations. The bank said market volatility and consumer caution was likely to be a factor for some time.
ANZ shares performed the worst of the major banks, closing 41 cents, or 1.96 per cent, lower at $20.49.
All the banks were softer, after earnings reports that had been slightly below expectations and "muted" outlook statements for credit growth, Mr Rosenberg said.
Wealth manager Perpetual retreated 56 cents to $20.74 after it forecast a drop in first half underlying profit due to weakening equity markets.
News Corporation lifted 70 cents, or 4.24 per cent, to $17.21, and its non-voting shares were up 59 cents at $16.77. The company maintained earnings guidance for 2011/12, after reporting a "great start" the current financial year.
Supermarket giant Woolworths rebounded and gained 52 cents to $23.91 after the competition watchdog admitted it might be tough to prove the company was abusing its market dominance by stocking more Home brand products.
Rival Wesfarmers - owner of Coles - lost 48 cents to $31.40.
Shares in Logistics group Brambles climbed six cents to $6.49 as it launched an aerospace division for its CHEP pallet business.
Building products maker Boral dropped eight cents to $3.60 after it said its first half performance in financial 2012 would be broadly similar to the second half of financial 2011.
Fashion retailer Country Road was untraded at $3.20 as it said sales so far this financial year were down and it expected difficult trading conditions to carry on through to Christmas.
On Wall Street on Wednesday, stocks rebounded after the US Federal Reserve's policymakers kept ultra-low interest rates and said they were prepared to do more if needed to stimulate the sluggish economy.
The Dow Jones Industrial Average rose 178.08 points, or 1.53 per cent, to 11,836.04.
Source : http://www.heraldsun.com.au/business/australian-share-market-on-four-day-losing-streak/story-fn7j19iv-1226184966411
The benchmark S&P/ASX200 index closed down 12.7 points, or 0.3 per cent, at 4,171.9, while the broader All Ordinaries index was 13.7 points, or 0.3 per cent, lower at 4,237.6.
On the ASX 24, at 1629 AEDT the December share price index futures contract was 12 points stronger at 4,181 with 36,735 contracts traded.
Trading volumes had been light and about 30 per cent below average values, with national turnover of 1.65 billion shares worth $4.25 billion, with 380 stocks up, 545 down and 357 unchanged.
Macquarie Private Wealth client adviser James Rosenberg said the level of today's light volumes had been the case for most days for the past few weeks.
While Europe's debt crisis was weighing on the market, a positive for Australia was talk about China allowing more credit liquidity, with Shanghai's stock market rising on Thursday subsequently, he said.
"We have a substantially greater reliance on what happens in China than what happens in Greece," Mr Rosenberg told AAP.
European leaders last week put together a deal to wipe 100 billion euros ($A133.17 billion) from Greek debt, as well as strengthen banks and doubling the firepower of the European Union bailout fund.
Greece is now planning to hold a referendum on the bailout package, including unpopular austerity measures, which has reignited concerns about the extent of the Greek debt fallout.
Locally, most sectors of the ASX were down, with gold companies and consumer discretionaries bucking the trend.
ANZ Bank reported a 19 per cent lift in full year profit to a record $5.36 billion, which was below expectations. The bank said market volatility and consumer caution was likely to be a factor for some time.
ANZ shares performed the worst of the major banks, closing 41 cents, or 1.96 per cent, lower at $20.49.
All the banks were softer, after earnings reports that had been slightly below expectations and "muted" outlook statements for credit growth, Mr Rosenberg said.
Wealth manager Perpetual retreated 56 cents to $20.74 after it forecast a drop in first half underlying profit due to weakening equity markets.
News Corporation lifted 70 cents, or 4.24 per cent, to $17.21, and its non-voting shares were up 59 cents at $16.77. The company maintained earnings guidance for 2011/12, after reporting a "great start" the current financial year.
Supermarket giant Woolworths rebounded and gained 52 cents to $23.91 after the competition watchdog admitted it might be tough to prove the company was abusing its market dominance by stocking more Home brand products.
Rival Wesfarmers - owner of Coles - lost 48 cents to $31.40.
Shares in Logistics group Brambles climbed six cents to $6.49 as it launched an aerospace division for its CHEP pallet business.
Building products maker Boral dropped eight cents to $3.60 after it said its first half performance in financial 2012 would be broadly similar to the second half of financial 2011.
Fashion retailer Country Road was untraded at $3.20 as it said sales so far this financial year were down and it expected difficult trading conditions to carry on through to Christmas.
On Wall Street on Wednesday, stocks rebounded after the US Federal Reserve's policymakers kept ultra-low interest rates and said they were prepared to do more if needed to stimulate the sluggish economy.
The Dow Jones Industrial Average rose 178.08 points, or 1.53 per cent, to 11,836.04.
Source : http://www.heraldsun.com.au/business/australian-share-market-on-four-day-losing-streak/story-fn7j19iv-1226184966411
