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Aust stocks weaker at noon, extends morning losses

17 Nov 2008 12:26 PM


S&PASX200 -103.2 3644.9 Dow Jones -337.94 8497.31

All Ords -94.7 3631.3 S&P 500 -38.0 873.29

SPI contract -86.0 3671.0 Nasdaq -79.85 1516.85

GoldUSoz +11.60 740.75 Nikkei -167.64 8294.75

$AUSD -.0150 0.6411 NZSE-50 -33.002 2734.666

SYDNEY, Nov 17 AAP - The Australian sharemarket was lower at noon and had extended its morning losses as banks and resources stocks dragged the local bourse further into the red.

At 1215 AEDT, the benchmark S&PASX200 index was down 103.2 points, or 2.75per cent, at 3644.9 while the broader All Ordinaries dropped 94.7 points, or 2.54 per cent to 3631.3.

On the Sydney Futures Exchange, the December share price index futures contract was 87 points lower at 3670 on a volume of 15,044 contracts.

Burrell Stockbroking Associate Peter Wright said the local market was showing falls across the board.

"It is woeful," he said.

"You really get a bad sense that this is going to be a very rough week on the market."

Mr Wright said investors were sitting back and watching the local market and not buying.

"There is seemingly no catalyst for any kind of buying support.

"It is very low volume - there is very little participation."

Shares in Australia's major banks were pounded on a weak lead from Wall Street and fears the local lenders may reveal more write-downs.

Commonwealth Bank shares dropped1.45 to $30.65, National Australia Bank shed 93 cents, or 4.7 per cent, to18.86 while ANZ was 39 cents, or 2.83 lower, at13.39.

Westpac lost 48 cents, or 2.86 per cent, to16.32 and St George dropped 57cents, or 2.46 per cent, to22.63.

Wall Street had ended a turbulent week with another astonishing show of volatility Friday.

The Dow Jones Industrial Average fell 337.94, or 3.82 per cent, to 8,497.31.

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