Evening Market Commentary: Poor Week Comes To Close
11th May 2012
Evening Market Commentary: Poor Week Comes To Close
The Australian stockmarket finished the day underwater, despite a positive lead from international shares overnight.
Most sectors closed in the red; consumer staples and healthcare being the major exceptions.
The banking majors weighed on the market; Westpac was the clear underperformer of the group, dropping 0.8%.
ANZ declined 0.5% after the bank advised it will reduce its variable home loan rate by 37 basis points.
The big miners closed weaker amid mixed commodity prices; BHP declined 0.7% whilst Rio Tinto let go of 1.4%.
Hastings Diversified was a standout (+4.5%) after potential acquirer, APA Group, said it was prepared to offload some assets in order to win regulatory approval for the deal.
The ASX 200 shed 11 points (-0.2%) to close at 4285.
Overall it was a horrid week for the market, with the XJO slumping 2.5%.
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Written by: marketpulse
Other posts from: marketpulse
Posted in Evening, Market Analysis
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