Aust shares fall 1.2 per cent aap

Aust shares fall 1.2 per cent
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On Thursday 22 December 2011, 16:43 EST

Australian stocks ended 1.2 per cent lower as another slump in retail stocks and sagging investor sentiment over the eurozone debt crisis weighed on the market.

Global equities made small movements overnight after initial optimism about a scramble by European banks to secure debt from the European Central Bank (ECB) faded as it seemed lenders would keep the money for themselves.

"The larger the take-up at the two-, three-year (bonds, long-term financing facility) the less pressing will likely be the need for the ECB to engage in large-scale asset purchases itself," Morgan Stanley analyst Laurence Mutkin said.

Dealers said Friday's fall locally - compounded by a four-day losing streak in Shanghai - destroyed all hope for a pre-Christmas rally as investors were likely to stay on the sidelines until the new year.

At the close on Thursday the benchmark S&P/ASX200 index was down 48.7 points, or 1.18 per cent, at 4,090.8, while the broader All Ordinaries index had lost 48 points, or 1.15 per cent, to 4,142.

On the ASX 24, the March 2012 share price index futures contract was down 33 points at 4,078, with 22,509 contracts traded.

Kathmandu shares took a pummelling after the adventure-wear outlet became the latest retailer to warn that sales for the Christmas period had not met expectations.

It also said first half earnings were likely to be lower than a year ago.

Brokers said the company has been hit particularly hard because - like JB Hi-Fi earlier this month - investors thought the stock would remain relatively insulated to the problems that have hit other retailers.

"We have now seen three profit downgrades from our retailers and it paints a pretty grim picture," IG Markets analyst Chris Weston said.

Kathmandu shares closed down 23 per cent, or 42 cents, at $1.27, just above its year low of $1.23.

The fall dragged the consumer discretionary sector 1.6 per cent lower, continuing the downward trend that has wiped more than 6 per cent off the sector since December 5.

Billabong saw another sharp sell-off, ending down 8.72 per cent, or 17 cents, at $1.78. David Jones lost 3.54 per cent, or nine cents, at $2.45, Myer shed 6.16 per cent, or 13 cents, to $1.98, and Harvey Norman was down 2.39 per cent, or 4.5 cents, at $1.835.

Industrials and resources stocks were the biggest losers, both falling 1.9 per cent.

OneSteel said it would write down $150 million from the value of its LiteSteel Technologies business because of weak residential construction activity. OneSteel was up 7 cents at 75 cents.

Rail operator QR National lost 2.28 per cent, or eight cents to $3.43. The company announced on Friday that it had struck a 10-year deal with Rio Tinto to haul coal to port in Queensland.

BHP Billiton ended down 1.37 per cent, or 48 cents, at $34.65 and Rio Tinto was off 1.75 per cent, or $1.08, at $60.65.

Energy companies found some support from a rise in the oil price after the biggest drop in US fuel inventories in a decade pushed crude higher.

Woodside gained 1.3 per cent, or 40 cents, to $31.10 and Oil Search was 0.64 per cent, or four cents, higher at $6.31.

At the close, there 1.38 billion shares traded for $3.22 billion, with 345 up, 588 down and 376 unchanged.
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Johan the sailor man
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Johan the sailor man 27 minutes ago Report Abuse

We assume that all jockeys are small. I played RU with a guy who was a heavy weight jockey in Ireland; he wasn’t a small man, quite large, a loose head prop. What would a heavy weight jockey ride, racing Clydesdales?

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David I
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David I 1 hour ago Report Abuse

I have a special bottle of champagne standing by for the day Harvey 'GST' Norman goes under. Ive boycotted this firm for a year now and will do it for 2012 as well. Dont buy their shares.

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Areel
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Areel 1 hour ago Report Abuse

Well good peeps , it's way past my bed time. Work maybe or maybe not tomorrow depending on the weather. It's been a good year all the same and quite frankly I hope it rains tomorrow so I have 5 days off with the family. I wish all and sundry a great xmas and a happy new year and look forward to the banter throughout. We are in great hands with the wonderous Lord leading the tribe and we will continue to advise and educate throughout the new year. One more xmas party to attend then its relaxation time , well till 5am at least when my little bloke wakes us all up ! Have a good one and catch up again soon. Night all , Areel

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Pezza
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Pezza 1 hour ago Report Abuse

The thing about the GG's too much was it yahoo, true though, wonder who would do that to those poor defenceless GG's.

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LORD IAN
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LORD IAN 1 hour ago Report Abuse

I often find it hugely amusing that some on here accuse others of being dole bludgers etc !

As it is Xmas i feel the Need to share with you my current business , which is Booming I might add ! ...' Gerbil Love '...

It goes like this ...Our Gay friends are sold a Gerbil ( Bred from 'Boris the Burrower ") and the package includes a small pipe ( enough for Boris offspring ) plus a small feather duster to tickle the Prostate !

They sell like hot Hot cakes , in fact a few no namers bought a Chit load on the Sly , that is why there presence is lacking tonight ! Once they get the burrowing happening there is no hope !

Wish them well ! The Gerbils that is !

Goodnight all !....Lordy

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Areel
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Areel 1 hour ago Report Abuse

@Pezza , Aaron...Forget jockeys , weights , barriers , lucky numbers , form etc. Having studied class and weight ratings for many years , I've concluded they do not give an edge in the present day. Why ? Because nearly all form experts are doing the same thing , including bookmakers to frame their markets. After 20 years , I've finally discovered an edge. It discards all traditional methods of handicapping. It's PACE and BIAS. Find me a track bias , find me a horse to suit that bias and I'll find you many winners. It's so powerful it's not funny. Kind regards Areel

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Jo-Anne
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Jo-Anne 1 hour ago Report Abuse

Evening all. Tongues would have to be the most misspelled word in the English language. :)

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Pezza
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Pezza 1 hour ago Report Abuse

Arron I was taught to know the jockeys skills with time then the horse which is useless without the KEY.... the Jockey who guides the horse, the experienced jockey develops a pattern of success and thats how you decide how to punt, learn from others as I did, winners that is.

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Pezza
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Pezza 1 hour ago Report Abuse

Ahhhh, you mean the tribe with falked toungues, of coarse I understand the wobbly language and codes of practice of...The Tribe, white veils ,though see through only reduce my vision slightly.... I can see the light aliases .

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LORD IAN
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LORD IAN 1 hour ago Report Abuse

Sorry Pezza ! But 4 Farks sake ...WAKE UP !!

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