The Australian share market finished weaker today, following a significant fall in US markets on Friday.
The benchmark S&P/ASX 200 Index finished 96 points down or 1.78% at 5342, while the broader All Ordinaries lost 94 points to 5410.90.
The New Zealand benchmark Index NZX50 closed 17 points or 0.51% down at 3,470.96.
In local stocks, Leighton Holdings’ HWE Mining Unit was awarded a $344 million contract at Rio Tinto’s iron ore mine in Western Australia. Shares in LEI were 50 cents down to $43.50.
Gold and nickel explorer, Sino Gold finished 79 cents lower at $5.71 after its new Jinfeng mine in China is expected to produce less gold because of lower than expected ore grades.
West Australian miner and explorer Kagara Ltd (KZL) reaffirmed its 2007/08 financial year production target of 40000 tonnes of zinc and 27000 tonnes of copper. It also said its Lounge Lizard nickel deposit is not currently up for sale, contrary to media reports.
Shares in KZL gained 4 cents to $4.50.
Qantas’ Jetstar said today it will enter a strategic partnership with Vietnam’s Pacific Airlines. QAN shares were 18 cents down at $3.62.
The financials were again down. ANZ fell 49 cents to $20.45, Commonwealth Bank lost 94 cents or 2.27% to $40.49, Westpac shed 9 cents to $22.46, and National Australia Bank slid 51 cents to $28.50.
The gold miners were down, Newcrest Mining falling 11 cents to $32.59, Lihir Gold losing 6 cents to $3.18 and Newmont Mining shedding 10 cents to $4.89.
Retailers were also down, David Jones falling 15 cents up to $3.39, Harvey Norman losing 2 cents to $3.78. Wesfarmers shed 94 cents to $36.90 and Woolworths fell 94 cents to $29.46.
