MARKET NEWS

Market tumbles as resources stocks dive
31/08/2016 12:21 PM

The share market has continued to fall as the resources sector in particular is hit by heavy selling.

The S&P ASX/200 index was down 0.9 per cent at 1200 AEST, following a fall on Wall Street and a weaker Australian dollar.

The US dollar is gaining ground ahead of the release of a US labour market report on Friday, a factor contributing to weakness in commodity-related stocks.

Rio Tinto had dropped $1.63 to $47.27, BHP Billiton was down 67.5 cents to $20.43 and Woodside Petroleum was 29 cents weaker at $28.59 in the wake of weaker prices for copper, gold and oil.

Biotechnology giant CSL had dropped $1.43 to $108.71.

The big four banks were mixed, with Commonwealth Bank down 83 cents at $72.07 and Westpac down 28.5 cents at $29.36, while National Australia Bank was up six cents at $27.30 and ANZ was 19 cents higher at $26.73.

Bucking the broader trend was retailer Harvey Norman, which had gained 24 cents to $5.48 after posting a 30 per cent rise in annual net profit.

KEY FACTS:

* At 1200 AEST, the benchmark S&P/ASX 200 index was down 49.4 points, or 0.9 per cent, at 5,428.9 points.

* The broader All Ordinaries index was down 47.5 points, or 0.85 per cent, at 5,526.

* The September share price index futures contract was down 50 points at 5,409, with 20,069 contracts traded.

* National turnover was 1.4 billion securities traded, worth $2.4 billion.

Aust stocks open lower
31/08/2016 10:48 AM

The Australian share market has opened lower, hurt by losses across the board following a disappointing session on Wall Street and a rally in the US dollar.

The S&P ASX/200 index was down 0.65 per cent at 1025 AEST with 11 of the 12 sectors in the red, dragged down by losses in resource giants Rio Tinto and BHP Billiton, and the Commonwealth Bank.

IG market analyst Angus Nicholson said the rally in the US dollar was further fuelled by solid numbers in US consumer confidence and Federal Reserve Vice Chairman Stanley Fisher's reiteration of his "relatively hawkish view on the US economy".

The US dollar is gaining ground ahead of the keenly anticipated US labour market report on Friday, hurting the Aussie dollar and commodity-related major stocks, Mr Nicholson said.

Resource giants Rio Tinto dropped $1.05 to $47.85, BHP Billiton fell 55 cents to $20.56 and Woodside Petroleum lost 25 cents to $28.63 in the wake of falls in copper, gold and oil prices overnight.

Australia's biggest bank, Commonwealth Bank, lost 77 cents to $72.13 and Westpac fell 22 cents to $29.43.

The Dow Jones Industrial Average fell 0.26 per cent overnight, dragged lower by Apple after the European Union's antitrust regulator demanded that Ireland recoup roughly $A19.3 billion of unpaid taxes from the US technology giant.

KEY FACTS:

* At 1025 AEST, the benchmark S&P/ASX 200 index was down 35.7 points, or 0.65 per cent, at 5,442.6 points.

* The broader All Ordinaries index was down 35 points, or 0.63 per cent, at 5,538.5.

* The September share price index futures contract was down 42 points at 5,418.

* National turnover was 773.5 million securities traded, worth $921.8 million.

Australian stocks open lower
31/08/2016 10:11 AM

The Australian share market has opened lower.

At 1010 AEST on Wednesday, the benchmark S&P/ASX200 index was down 12.4 points, or 0.23 per cent, at 5,465.9, while the broader All Ordinaries index was down 12.9 points, or also 0.23 per cent, at 5,560.6.

The ASX 24 the share price futures index contract was down 14 points at 5,445 with 6,828 contracts traded.