Advertisement
Advertisement
Advertisement
The Australian share market opened lower this morning following a negative lead from Wall Street and a drop across the board in industrial metal prices in London.
At midday, the S&P/ASX200 index was down 36 points, while the All Ordinaries fell 35.
US stocks lost ground on Tuesday as delivery giant UPS lowered its profit outlook, and a drop in house prices further darkened sentiment.
At the close, the Dow Jones Industrial Average was down 34 points, while the Nasdaq Composite lost 17.
In Asian trading today, Japan’s Nikkei had dropped 201 points by noon, while the Hong Kong stock exchange was closed this morning due to severe weather.
Meanwhile in ASX news today diversified rural group Futuris Corporation saw its shares plunge more than 20 per cent this morning on a profit downgrade.
Futuris said it now expects underlying net profit for the full year of between $80 and $85 million, down from a guidance of $100 million in May. The company blamed the cut-back on slower sales of its plantation funds, higher interest expenses and the prospect of a negative contribution from its holding in the Australian Agricultural Company.
In other news, shares in mining group Macarthur Coal fell more than ten per cent this morning, after it announced late yesterday that talks with the world’s largest steelmaker, ArcelorMittal, had ended.
The news followed widespread speculation that ArcelorMittal, which last month acquired almost 15 per cent of Macarthur, was set to launch a full takeover bid for the group. Macarthur chairman Keith De Lacy said the company still looked forward to continuing its long term relationship with ArcelorMittal as a major customer.
In individual share price movements on the ASX this morning mining stocks fell on weaker metal prices. BHP Billiton was down $1.23 at midday, Fortescue Metals fell two cents, Rio Tinto dropped $3.01, while Woodside Petroleum added $1.30.
Meanwhile banking stocks made modest gains at noon. ANZ put on 40 cents, Commonwealth Bank added three, National Australia Bank rose 43 cents, and Westpac gained 21.
Other blue chips were largely negative. AMP was down five cents at noon, News Corp dropped 53, Telstra sat flat, while Woolworths added 31.
US stocks lost ground on Tuesday as delivery giant UPS lowered its profit outlook, and a drop in house prices further darkened sentiment.
At the close, the Dow Jones Industrial Average was down 34 points, while the Nasdaq Composite lost 17.
In Asian trading today, Japan’s Nikkei had dropped 201 points by noon, while the Hong Kong stock exchange was closed this morning due to severe weather.
Meanwhile in ASX news today diversified rural group Futuris Corporation saw its shares plunge more than 20 per cent this morning on a profit downgrade.
Futuris said it now expects underlying net profit for the full year of between $80 and $85 million, down from a guidance of $100 million in May. The company blamed the cut-back on slower sales of its plantation funds, higher interest expenses and the prospect of a negative contribution from its holding in the Australian Agricultural Company.
In other news, shares in mining group Macarthur Coal fell more than ten per cent this morning, after it announced late yesterday that talks with the world’s largest steelmaker, ArcelorMittal, had ended.
The news followed widespread speculation that ArcelorMittal, which last month acquired almost 15 per cent of Macarthur, was set to launch a full takeover bid for the group. Macarthur chairman Keith De Lacy said the company still looked forward to continuing its long term relationship with ArcelorMittal as a major customer.
In individual share price movements on the ASX this morning mining stocks fell on weaker metal prices. BHP Billiton was down $1.23 at midday, Fortescue Metals fell two cents, Rio Tinto dropped $3.01, while Woodside Petroleum added $1.30.
Meanwhile banking stocks made modest gains at noon. ANZ put on 40 cents, Commonwealth Bank added three, National Australia Bank rose 43 cents, and Westpac gained 21.
Other blue chips were largely negative. AMP was down five cents at noon, News Corp dropped 53, Telstra sat flat, while Woolworths added 31.
