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Asx,Australia And New Zealand Banking,Bhp Billiton,Rio Tinto,National Australia Bank,Commonwealth Bank Of Australia.,Imf (Australia) Ltd,David Jones,Jb Hi-Fi
The Australian share market gave up early gains to be
slightly lower at noon, with falls by the big four banks overshadowing
gains in other sectors.
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After opening about 20 points
higher, the market drifted back into negative territory and at 1200
AEST, the benchmark S&P/ASX200 index was down five points, or 0.12
per cent, at 4,035.2, while the broader All Ordinaries index was down
5.8 points at 4,119.
On the ASX 24, the December share price index futures contract was one point lower at 4,044 points, with 21,357 contracts traded.
National turnover was 829.9 million shares changing hands for $2.1 billion, with about one in three stocks falling.
Austock Securities senior client adviser and strategist Michael Heffernan said a late fall on Wall Street overnight, leaving the Dow Jones index just 7.65 points higher for the session, probably led the way for slight losses on the local market.
"The IMF growth downgrade has also been a pall over the market," he said.
The International Monetary Fund lowered its growth forecasts for the global economy to four per cent for 2011 and 2012, and warned of a return to recession if Western leaders fail to get their economies back on track.
"It is a bit of a patchy market today, there's more sectors up than there are down at the moment, which points to a bit of resilience given all that's going on," Mr Heffernan said.
But losses by the big banks were offsetting other sectors' gains, he said.
Commonwealth Bank was the worst performer, down 55 cents, or 1.2 per cent, at $43.82, while National Australia Bank had lost 28 cents to $21.72, Westpac had shed 18 cents to $19.05 and ANZ was 16 cents lower at $19.16.
"It's the global financial situation that must be impacting the banks, I can't think of any other reason," Mr Heffernan said.
"Domestically, if there were to be an interest rate cut, that would be positive for the banks."
Retail stocks were faring better, after David Jones met its financial guidance in delivering a 1.5 per cent fall in annual profit.
It also maintained its forecasts for its first half profit despite ongoing weakness in consumer spending.
David Jones was up nine cents, or 3.3 per cent, at $2.79.
Harvey Norman had added seven cents, or 3.5 per cent, to $2.05, Myer was up three cents, or 1.45 per cent, at $2.10, and JB Hi-Fi was 32 cents higher, up 2.15 per cent, at $15.22.
The big mining companies were down slightly, with BHP Billiton down 12 cents at $36.68 and Rio Tinto down eight cents at $68.82.
The spot price of gold in Sydney was $US1,799.80 per fine ounce, up $US12.27 from $US1,787.53 on Tuesday.
On the ASX 24, the December share price index futures contract was one point lower at 4,044 points, with 21,357 contracts traded.
National turnover was 829.9 million shares changing hands for $2.1 billion, with about one in three stocks falling.
Austock Securities senior client adviser and strategist Michael Heffernan said a late fall on Wall Street overnight, leaving the Dow Jones index just 7.65 points higher for the session, probably led the way for slight losses on the local market.
"The IMF growth downgrade has also been a pall over the market," he said.
The International Monetary Fund lowered its growth forecasts for the global economy to four per cent for 2011 and 2012, and warned of a return to recession if Western leaders fail to get their economies back on track.
"It is a bit of a patchy market today, there's more sectors up than there are down at the moment, which points to a bit of resilience given all that's going on," Mr Heffernan said.
But losses by the big banks were offsetting other sectors' gains, he said.
Commonwealth Bank was the worst performer, down 55 cents, or 1.2 per cent, at $43.82, while National Australia Bank had lost 28 cents to $21.72, Westpac had shed 18 cents to $19.05 and ANZ was 16 cents lower at $19.16.
"It's the global financial situation that must be impacting the banks, I can't think of any other reason," Mr Heffernan said.
"Domestically, if there were to be an interest rate cut, that would be positive for the banks."
Retail stocks were faring better, after David Jones met its financial guidance in delivering a 1.5 per cent fall in annual profit.
It also maintained its forecasts for its first half profit despite ongoing weakness in consumer spending.
David Jones was up nine cents, or 3.3 per cent, at $2.79.
Harvey Norman had added seven cents, or 3.5 per cent, to $2.05, Myer was up three cents, or 1.45 per cent, at $2.10, and JB Hi-Fi was 32 cents higher, up 2.15 per cent, at $15.22.
The big mining companies were down slightly, with BHP Billiton down 12 cents at $36.68 and Rio Tinto down eight cents at $68.82.
The spot price of gold in Sydney was $US1,799.80 per fine ounce, up $US12.27 from $US1,787.53 on Tuesday.
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