Markets Live: Shares break winning streak

February 23, 2012

Australian shares broke a four-day winning streak today, led by a fall in banks and miners, amid concerns higher oil prices will inhibit global growth.

4.45pm: That's it for today. Thanks for reading this blog and sending us your comments. We'll be back tomorrow morning at 9.30am.

For a wrap of today's session, click here.

4.33pm: The dollar has recovered from earlier losses, when it briefly slipped below $US1.06, and is currently buying $US1.0647.

4.28pm: Among blue chips, Rio fell 1.5 per cent, BHP shed 0.5 per cent. The big banks dropped between 0.2 per cent (CBA) and  1 per cent (NAB). Macquarie lost 2 per cent.

More below

Telstra fell 1.8 per cent, Qantas slipped 0.3 per cent and Wesfarmers shed 0.4 per cent. Woolies added 0.2 per cent.

4.22pm: OneSteel extended its rally of the past days, jumping another 21 per cent on short-covering after announcing a shift in focus to iron ore. IAG also had a big day, adding 8.3 per cent after reporting a better than expected profit.

Other winners among the biggest 200 stocks were Virgin, adding 8.2 per cent, Paladin, 7.7 per cent and Cabcharge, 4.7 per cent.

At the other end, Industrea lost 23.3 per cent, Kingsgate dropped 8 per cent and FKP Property fell 5.7 per cent.

4.17pm: Financials and materials led the market lower, falling 0.5 per cent and 0.4 per cent respectively, but losses were offset by a 1.8 per cent rise in the energy sub-index. Industrials added 0.3 per cent.

4.14pm: The market has closed slightly lower, clawing back earlier losses in a late spurt. The benchmark S&P/ASX200 index slipped 6.9 points, or 0.2 per cent, to 4286.2, while the broader All Ords lost 4.6 points, or 0.1 per cent, to 4367.5.

More below

4.05pm: Here's something to look out for tomorrow morning: federal politicians will quiz the nation’s most influential banker, providing an opportunity to focus on the economy rather than who will win next week’s Labor leadership ballot.

Reserve Bank governor Glenn Stevens and his top officials face their scheduled six-monthly grilling at a time of huge structural change on the back of a booming mining sector and a strong Australian dollar, which is hurting other areas such as manufacturing and tourism.

JPMorgan chief economist Stephen Walters says the tone of the governor’s opening statement to the committee will most likely echo the sentiments expressed in the central bank’s recent statement on monetary policy.

‘‘The governor is very skilled at answering questions without betraying too much of the behind-the-scenes thinking within the RBA,’’ Walters says. ‘‘But he may be more candid when responding to questions from committee members.’’

The three-hour hearing will start at 9.30am AEDT.

4.03pm:  Cabcharge Australia says its expanding bus business and the growing use of ‘'touch and go'’ payment technology will drive growth in the future.

Executive chairman Reg Kermode said he was cautiously optimistic about future growth given tough economic conditions. But increasing familiarity with contactless card payment systems, thanks to its rollout in major supermarkets, will benefit similar technology that Cabcharge offers, he said.

The company’s net profit for the six months to December 31 was $25.9 million, up 58 per cent from $16.4 million in the previous corresponding period.

Business Day Home

Back to the Top

Terms & Conditions

© 2012 Business Day Home