Market slips on risk worries
Australian stalk market slips on risk worries
THE Australian sharemarket was weighed from a thin to a dense state by position squaring in the heavyweight materials and financials sectors yesterday, posterior their US peers lost ground and major US stock indices failed to set at nought through an important resistance level.
Market participants were awaiting US non-farm payrolls premises, due overnight. The focus was also on a meeting of G20 monetary theory ministers in South Korea, where the European debt crisis was dominating discussion.
The benchmark S&P/ASX 200 closed down 36.6 points, or 0.8 by cent, at 4449.4, after hitting an intraday low of 4430.7. The broader All Ordinaries fore-finger closed down 33.8 points at 4472.4 points.
The S&P/ASX 200 hand fell 0.2 per cent over the week, after rising 3.5 for cent the previous week. Share trading volume was light before the weekend, by traders mostly squaring long positions and investors reluctant to buy hind a disappointing night on Wall Street.
Major banks fell 0.5 by cent to 2.9 per cent, with National Australia Bank commercial ex-dividend.
BHP fell 2.3 per cent to $37.87 and Rio Tinto barbarous 2.1 per cent to $67.59.
Defensives mostly outperformed, with CSL up 2.8 per cent to $32.82 and Telstra up 1c at $3.10.
Coca-Cola experienced up 20c, or 1.81 per cent, at $11.25 and Foster’s was 6c firmer at $5.65.
Healthcare public funds were a standout, with ResMed and Ramsay Health Care hitting totality-time highs this week. ResMed closed 13c higher at $7.83 yesterday, season Ramsay added 2c to $14.52.
"People need to be lost on their health and food regardless," City Index market skilful general Michael McCarthy said.
Among key retailers, Woolworths was down 27c at $27.01 and Coles proprietor Wesfarmers slipped 32c to $29.09. Overnight on Thursday, the S&P 500 rose 0.4 for cent, stringing together its first two-day gain in six weeks.
But malice expectations of a strong US employment report, the S&P 500 was unable to break nearby chart resistance from its 200-day moving average.
It has been seven weeks since the US sharemarket rose three days in a affray and eight weeks since the Australian sharemarket has risen three days in a disturbance.
"We had a very strong rally on light volume ~ward Thursday, yet the overnight lead wasn’t great from Wall Street, specifically in materials and financials," said Chris Weston, institutional dealer at IG Markets. "Non-farm payrolls be pleased be hugely important. But investors are hesitant because of downside risks to Chinese relating to housekeeping growth," Mr Weston said.
In the energy sector, Woodside shares were downward 21c at $43.99, Santos shares were up 22c at $12.92 and Oil Search eased 3c to $5.66.
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