Aust stocks lower at noon, with biggest falls so far this year=3D3
15 Jan 2009 12:43 PM
INDEX MOVEMENT POSITION INDEX MOVEMENT POSITION
S&P/ASX200 -129.7 3557.3 Dow Jones -248.42 8200.14
All Ords -122.5 3501.8 S&P 500 -29.17 842.62
SPI contract -140.0 3525.0 Nasdaq -56.82 1489.64
Gold $USoz -16.85 809.80 Nikkei -372.90 8065.55
$A/USD -.0225 0.6576 NZSE-50 -28.863 2757.921
SYDNEY, Jan 15 AAP - The Australian share market was weaker at noon as local stocks had their biggest fall so far this year.
There were heavy losses in both the resources and financial sectors after US stocks plunged overnight on more concerns over the depth of the recession.
At 1200 AEDT, the benchmark S&P/ASX200 index was down 129.7 points, or 3.52 per cent, at 3,557.3 and the broader All Ordinaries index had lost 122.5 points, or 3.38 per cent, to 3,501.8.
On the Sydney Futures Exchange, the March share price index contract was 140 points lower at 3,525 on a volume of 13,673 contracts.
"Off hand, I would say we haven't had a worse day in the market so far this year," Austock Securities senior client adviser and strategist Michael Heffernan said.
"With commodity markets looking gloomy, the resources sector, BHP and Rio are being slaughtered and the banks are reasonably better (by comparison), but they're still down.
"It's a good day to buy blue chip stocks. We haven't had a day like this for a while."
Resource giant Rio Tinto fell $3.56, or 8.77 per cent, to $37.05.
Rival miner and Australia's biggest company, BHP Billiton, sank $1.74, or 5.62 per cent, to $29.20.
The banking sector was lower, too. National Australia Bank decreased 76 cents, or 3.68 per cent, to $19.91, Commonwealth Bank dropped 77 cents,or 2.71 per cent, to $27.65, ANZ lost 56 cents, or 3.65 per cent, to $14.77, and Westpac fell 38 cents, or 2.27 per cent, to $16.37.
Stock Move Price
AMP -0.150 5.350
ANZ Bank -0.530 14.800
BHPBilton -1.750 29.190
CBA -0.760 27.660
NAB -0.720 19.950
NewsCorp -1.080 12.900
Polartech -0.010 .135
Rio Tinto -3.580 37.030
TelstraCp -0.070 3.660
WestpacBk -0.340 16.410
Woolwrths -0.420 26.500
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In news this Thursday, securities in troubled shopping centre owner Centro Retail Group and its property investor sibling Centro Property Group have been placed in trading halts pending the release of announcements concerning the refinancing of debt facilities which fell due on Thursday.
Centro retail last traded at eleven cents and Centro Property at 12 cents.
Redbank Mines Ltd has placed its namesake copper mine in the Northern Territory on care and maintenance to focus on exploration after the slump in commodity prices. Its shares were steady at 1.7 cents.
Blue Energy Ltd was one cent, or 5.13 per cent lower at 18.5 cents after the company said it was seeking partners to assist in exploring its coal seam gas acreage, and as chief executive Bill Williams steps down from his role.
In New York, light sweet crude oil for delivery in February, shed 50 cents to $US37.28 a barrel on the New York Mercantile Exchange (NYMEX) overnight.
In the energy sector, Santos shares had lost 27 cents to $13.82, Woodside Petroleum had declined $1.23, or 3.45 per cent, to $34.42, and Oil Search fell 16 cents, or 3.66 per cent, to $4.21.
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Telstra shares were seven cents lower at $3.66 while rival Singapore Telecommunications fell eight cents, or 3.09 per cent, to $2.51.
At 1227 AEDT, the price of gold in Sydney was $US808.55 per fine ounce, down $US18.10 on Wednesday's close of $US826.65.
Among gold stocks, Lihir lost 14 cents, or 5.26 per cent, to $2.52, Newmont sank nine cents to $5.30 and Newcrest fell $1.69, or 5.63 per cent, to $28.31.
Among the retailers, Woolworths was 45 cents down at $26.47, Coles owner Wesfarmers lost 70 cents, or 4.12 per cents, to $16.29 and department store David Jones fell eleven cents, or 3.77 per cent, to $2.81.
At 1235 AEDT, the most-traded stock by volume was Cluff Resources, with 21.24 million shares worth $106,182 changing hands.
Its shares were steady at half a cent.
National turnover was 530.35 million shares worth $1.43 billion, with 150 stocks up, 635 down and 216 unchanged.
