Aust shares close down, all sectors weaker
11 Dec 2008 4:37 PM
INDEX MOVEMENT POSITION INDEX MOVEMENT POSITION
S&P/ASX200 -42.7 3598.0 Dow Jones +70.09 8761.42
All Ords -39.1 3534.2 S&P 500 +10.57 899.24
SPI contract -34.0 3587.0 Nasdaq +18.14 1565.48
Gold $USoz +25.6 804.45 Nikkei -13.63 8646.61
$A/USD -.0025 0.6567 NZSE-50 +15.162 2726.711
SYDNEY, Dec 11 AAP - The Australian share market closed over one per cent weaker with losses in most sectors as traders looked to make short-term gains.
At 1618 AEDT, the benchmark S&P/ASX200 index was down 42.7 points, or 1.17 per cent, at 3,598, while the broader All Ordinaries had fallen 39.1 points, or 1.09 per cent, to 3,534.2.
On the Sydney Futures Exchange, the December share price index contract was down 34 points at 3,587 on a volume of 26,597 contracts.
Burrell Stockbroking associate Peter Wright said the market was particularly hard to gauge with low trading volumes.
I'm very surprised we are down to the level that we are," Mr Wright said.
"I wouldn't read too much into it, I wouldn't be surprised if there is a fair proportion of short-selling and anticipatory selling looking at potential capital issue."
Rio Tinto shares gained $2.60, or 6.95 per cent, to $40.00 after it announced plans to slash jobs, cut spending and costs and sell assets in order to survive the global economic crisis.
BHP Billiton lost 16 cents to $30.20
"It wouldn't suprise me too if there's an element of profit taking in some of this stuff," Mr Wright said of the major miners.
"A lot of people bought BHP under $25, and Rio around $30, and there are opportunities in this market for some short-term trading."
Among financial stocks, Commonwealth Bank dropped 35 cents to $28.15, National Australia Bank fell 25 cents to $19.35 and ANZ rose 27 cents to $14.42.
Westpac told shareholders its balance sheet growth is set to slow over the coming year, with impairment charges rising as the economy slows.
Westpac shares rose 18 cents to $16.55.
Bank of Queensland indicated it is to consider growth options including takeovers and alliances as it aims to take the place vacated in the market by St George and BankWest.
Its shares lost two cents to $10.25.
Stock Move Price
AMP -0.080 5.170
ANZ Bank +0.270 14.420
BHPBilton -0.160 30.200
CBA -0.350 28.150
NAB -0.250 19.350
NewsCorp +0.160 13.290
Polartech +0.026 .120
Rio Tinto +2.600 40.000
TelstraCp -0.130 4.140
WestpacBk +0.180 16.550
Woolwrths -0.890 26.190
