Aust stocks weaker across the board at noon =3D3
19 Nov 2008 1:00 PM(Reissue to correct dateline)
INDEX MOVEMENT POSITION INDEX MOVEMENT POSITION
S&PASX200 -75.9 3447.3 Dow Jones +151.17 8424.75
All Ords -75.2 3437.9 S&P 500 +8.37 859.12
SPI contract -87.0 3464.0 Nasdaq +1.22 1483.27
GoldUSoz -1.75 738.00 Nikkei -92.70 8235.71
$AUSD +.0007 0.6465 NZSE-50 -17.631 2696.957
SYDNEY, Nov 19 AAP - The Australian stockmarket was weaker across the boardat noon, despite a slight rebound on Wall St overnight.
At 1215 AEDT, the benchmark S&PASX200 index was down 75.9 points, or 2.15 per cent, at 3447.3 while the broader All Ordinaries had dropped 75.2 points, or 2.14 per cent, to 3437.9.
On the Sydney Futures Exchange, the December share price index futures contract was down 87 points, or 2.45 per cent, at 3464 points on volume of 14,560 contracts.
The Australian market's All Ordinaries index has fallen more than 50 per cent from its record intraday peak a year ago.
At 1206 AEDT, the All Ordinaries index was down 82.6 points at 3,430.5, just over 50 per cent lower than the record intraday peak of 6,873.2 recorded on November 1, 2007.
Aequs Securities institutional dealer Ric Klusman said the market on Tuesday was down in all major sectors.
"The market is down 70 points," Mr Klusman said.
"We're down 22 per cent in eight days. The US is down five per cent.
"There are not many bright spots at all, and it's looking worse.
"The US is looking terrible overnight. That's why they're all panicking."
In the news, however, wheat exporter and agricultural services company AWB has reported a 137 per cent rise in annual profit, after benefiting from strong demand for fertiliser, seeds and farm chemicals as drought conditions eased.
At 1216 AEDT, shares in the company had were up 18 cents, or 6.9 per cent, to2.79.
"Profit was pretty good," Mr Klusman said.
"But the risk you've got there is that they don't have the opportunity to co-ordinate the wheat price in Australia."
Resource giants BHP Billiton and its rival, Rio Tinto, both fell, with BHP down 70 cents, or 2.89 per cent, at23.50 and Rio shedding $1.36, or 2 percent, to66.64.
Making headlines today, Gunns's controversial pulp mill project in Tasmaniaappears dead, one of its biggest supporters, former premier Paul Lennon says.
At 1225 AEDT, shares in Gunns had shed 18 cents, or 17.14 per cent, to 87 cents.
Mr Klusman said the company's share price was responding to the premier's comments.
"That's probably what it is," he said.
At 1226 AEDT, spot gold in Sydney was trading atUS737.65 an ounce, down $US2.10 on yesterday's local close ofU739.75.
Gold miners were mixed, with Newcrest Mining gaining five cents to19.04, Newmont Mining steady at3.55 and Lihir Gold shedding two cents, or 1.14 per cent, to1.73.
The major energy stocks all were down.
Australia's biggest oil and gas producer, Woodside Petroleum, was down1.91, or 5.46 per cent to33.08, Santos dropped 47 cents, or 3.69 per cent to12.28 and Oil Search shed 14 cents, or 2.92 per cent, to $4.66.
Stock Move Price
AMP -0.030 5.200
ANZ Bank +0.010 13.050
BHPBilton -0.830 23.370
CBA -0.690 29.410
NAB +0.020 19.170
NewsCorp -0.330 10.850
Polartech - .075
Rio Tinto -1.490 66.510
TelstraCp - 4.080
WestpacBk -0.340 15.210
Woolwrths -1.190 25.060
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In other news, investment banker Babcock & Brown says it will remake itself into a specialist infrastructure business, following a strategic reviewof its operations, and in light of volatile global financial market conditions.
At 1239 AEDT, shares in the company were down 5.5 cents, or 17.74 per cent,to 25.5 cents.
Among the banks, Commonwealth Bank rose two cents, to30.12, National Australia Bank was up 31 cents to19.46 and ANZ had gained 36 cents to $13.40.
Westpac had gained 12 cents to15.67 and St George, which went ex dividend, was untraded at22.10.
CSR has raised315 million from institutional investors, to be used to reduce debt.
Shares in the building materials supplier and sugar producer were down 13.51 cents, or 18.32 per cent, to1.40, as it also went ex dividend and ex entitlement.
At 1245 AEDT, the most traded stock was BrisConnections Unit Trust with 48.8 million units traded for a total of48,843.
BrisConnections securities were steady at 0.1 cent.
Market turnover was 752.5 million shares, valued at1.9 billion, with 269 stocks up, 537 down and 289 unchanged.
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