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| Subject: Shares waver as investors seek directionThe Reserve Bank's decision | |
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Author: was a factor in the market's retreat.Tuesday 3/4/2012 |
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Date Posted: 13:28:14 04/03/12 Tue Shares waver as investors seek direction By Adam Rollason | ABC – 12 hours agotweetShare0EmailPrint The Australian share market saw moderate gains in early trade following strong leads from markets in the United States and Europe overnight, but fell gradually throughout the session to close slightly higher. The Reserve Bank's decision to keep the official cash rate on hold at 4.25 per cent, where it has been since December, was a factor in the market's retreat. The All Ordinaries Index added 0.2 per cent to close at 4,424 and the benchmark ASX 200 matched that gain to finish at 4,337. Retailers have been warning that the sector is struggling, and official figures released today confirmed the sector was still under pressure. The Bureau of Statistics says retail sales grew by 0.2 per cent in February after a rise of 0.3 per cent in January. Economists say this compares poorly with growth of around 0.6 per cent in boom periods. Myer lost 1.8 per cent to finish at $2.23, but fellow department store operator David Jones added 0.4 per cent to $2.42. Grocery distributor Metcash was among the biggest losers, dropping 4.7 per cent to $4.10 after announcing plans to cut around 500 jobs amid difficult trading conditions. The resources sector was stronger; Rio Tinto added 0.9 per cent to close at $66.79, Fortescue Metals Group rose 1 per cent to $6.01 and BHP Billiton added 0.2 per cent to $35.18. Energy company Woodside Petroleum dropped 0.2 per cent to $35.28. Among the big banks, NAB and Westpac rose about 0.5 per cent and Commonwealth Bank gained 0.2 per cent but ANZ Bank lost 0.3 per cent, closing at $22.99. The Australian dollar dropped against the greenback after the RBA's interest rate decision and at 5:24pm (AEST) it was worth 104 US cents, 85.3 Japanese yen, 64.9 British pence, 77.9 euro cents and $NZ1.26. On commodity markets West Texas Crude oil was worth $US105.23 a barrel, while Tapis Crude oil was worth $US132 and the spot gold price was steady at $US1,677.46 an ounce. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Shocker on Wall Street overnight (NT) | Dow down 110 points==radio Wednesday 4/4/2012 | 13:29:55 04/03/12 Tue |
| worst day==week 14==day 94==272 remain | The S&P 500 ended =Tuesday | 14:58:04 04/03/12 Tue |