Evening Market Analysis: Tough Start To New Week
4th Jun 2012
Evening Market Analysis: Tough Start To New Week
Aussie shares started the week heavily in the red, after a horror Friday night on international markets.
A majority of the sectors finished in negative territory, with the only exception being telcos, with Telstra’s defensive status helping it record a 0.6% gain.
The big four banks all lost ground; Westpac dropped 1.2%, whilst rival CBA let go of 1.3%.
The mining majors weighed on the market following another poor showing from commodities. BHP and Rio Tinto plummeted 3.1% and 4.7% respectively.
Gold producers bucked the trend, helped by a surging gold price; Alacer Gold jumped 8.2%, whilst Newcrest advanced 1.7%.
Seek was down 4.9% after reiterating its full-year earnings guidance and saying it will raise $125 in a subordinated notes issue.
Gloucester Coal fell 1.8% after the company’s shareholders approved the group’s merger with Yancoal Australia.
The ASX 200 let go a 79 points (-1.9%) to settle at 3985, its lowest close since November last year.
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Written by: marketpulse
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Posted in Evening, Market Analysis
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