The share market was 1.2% weaker today after it was lead by finance sector losses as well as resource firms’ declines, after more fear was instilled about the possibility of US recession.
The benchmark ASX/S&P 200 Index was 46.20 points lower at 5134.20, while the All Ordinaries lost 64.60 points to 5211.10.
On the Sydney Futures Exchange, the March share price index contract was down 75 points at 5134, on a volume of 23506 contracts.
The Reserve Bank said the Australian dollar was buying 92.84 US cents.
In New York, gold futures traded lower on Comex, with spot prices at US$973.60 an ounce at 4.22pm AEDT, up US$1.80.
The gold miners were lower, with Newcrest down $2.50 to $36.45, Lihir Gold lost 5 cents to$4.00 and Newmont fell 7 cents to $5.34.
The big miners were also down, with BHP Billiton slipping $1.79 to $35.51 and Rio Tinto sliding $7.10 to $119.38.
Australia’s four big banks recovered slightly, with the Commonwealth Bank gaining $1.02 to $39.72, ANZ adding 68 cents to $20.67, Westpac gaining 68 cents to $21.70 and National Australia Bank finishing 55 cents up at $27.05.
The nation’s largest retailer, Woolworths lost 17 cents to $27.81.
Its rival retailer, Wesfarmers was up 5 cents to $37.20.
Other retailers were weaker, David Jones down 8 cents at $3.54 and Harvey Norman down 16 cents at $3.76.
New Zealand’s benchmark NZX-50 index fell 0.7%, or 27.28 points, to 3,520.46.
Shares in the country’s biggest fertilizer maker, Incitec Pivot fell $18.71or nearly 13% to $130.29 after it said today it is set to acquire manufacturer of commercial explosives Dyno Nobel (DXL) for $3.3 billion, a result which will create a ‘leading global chemicals company’.
Its target, Dyno Nobel also rose 15 cents or 6.4% to $2.49.
Western Australian explorer and miner Kagara fell 9.3% to $4.86 after it said it would lose about 3,000 tonnes of copper production because milling was suspended at the Thalanga concentrating plant due to heavy rains.
Insurance group Suncorp-Metway climbed 6 percent to $12.50 following speculations it could be subject to merger talk.
Energy firms benefitted from the record oil price which hit above $108 per barrel.
Oil Search added 0.93% $4.35 and Roc Oil rose 0.26% to $1.91, while Santos lost 1.3% to $12.24.
