Aussie stocks fell more than 1% today, pulled down by a weak lead from Wall Street, the banking sector and investor concerns about the Reserve Bank’s meeting next week.
The benchmark S&P/ASX 200 was down 79 points to 5,572.10, while the broader All Ordinaries fell 71.40 to 5674.70.
Markets absorbed mixed interim results today as companies rush to disclose results. The interim reporting season comes to an end this evening.
Among them Insurance Australia Group slumped 2.3% to $3.72 after declaring a 68% fall in first-half profit due to increased claims pertaining to volatile weather patterns.
Australia’s biggest gas and electricity retailer AGL Energy said it’s on track to meet earnings despite a fall in profits. Shares in AGL fell 37 cents to $11.23.
Shares in Harvey Norman fell 39 cents to $4.55 despite the electronics retailer posting an increase in profit. Concerns about consumer spending culled enthusiasm about the result for its shareholders.
Other retailers were also down, David Jones falling 12 cents to $4.06 and Coles owner Wesfarmers fell 57 cents to $37.49.
Woolworths ended in the red, down 92 cents or 3% at $29.03.
Shares in Suncorp-Metway continued downward slide, falling 2.3% to $13.97after it reported a fall in first half profit yesterday.
Troubled Centro Properties Group declared $1.1 billion loss for the first half with its shares hammered 21% down to 45 cents.
Commander Communications also posted a fall in earnings, but had a positive outlook. Shares in CDR rose 1 cent or 7% to 15 cents.
Banks lead the markets down again, with CBA falling $1.96 to $42.09, whilst hitting a 52 week low of $41.63 during intraday trading.
NAB fell $1.23 to $28.74, ANZ slid 58 cents to $22.12 and Westpac shed 50 cents to $23.31.
In New York, the Dow was 112 points or 0.88% to 12,582.18 points and Nasdaq also down 22 points or 0.94% at 2,331.57.
