Local stocks continued to slide away from 14 month highs this morning, following another poor night on US and European markets. Wall Street eased was hit by more concerns over the outcome of the current 3rd Quarter reporting season.
Men watch the stock board at the Australian Securities Exchange (ASX) in central Sydney
The European markets also hit by falls in mining and energy firms and concerns over growth and the workability of new changes for Greece.
The All Ordinaries Index (XAO) started 20 points lower as investors moved into safe haven stocks and out of the miners and the big name banks. At lunchtime in the East, the All Ordinaries Index (XAO) was down 16points to 4495 points.
This morning the ACCC announced it will oppose the proposed acquisition by Seven Group Holdings (SVW) of the balance of shares it does not already own in Consolidated Media (CMJ). Consolidated Media added 1.18% to $3.42 and while Seven Group lost 0.57%
After the solid run in the energy sector yesterday morning, the sector turned lower in early trade. the US$ oil price fell to US$91.23 a barrel in early Asian trade and the S&P/ASX 200 Energy sector fell over 0.4%. Market heavy weights, Woodside Petroleum Limited (WPL) and Santos Limited (STO) both gave back 0.7% while coal firm Whitehaven Coal Limited (WHC) continued its run up over 1.88% to $3.26. Toro Energy Limited (TOE) added over 1% on the news released late yesterday that the WA Minister for Environment had given approval Toro Energy's Wiluna, W.A, Uranium Project.
The financials also lost ground as the day. Bank of Queensland Limited (BOQ) lost over 0.2%in early trade. National Australia Bank Limited (NAB) 0.65% to $26.03. Bendigo and Adelaide Bank Limited (BEN) fell by 0.9%. Commonwealth Bank of Australia (CBA) lost around $0.18 cents to $56.47 while Westpac Banking Corporation (WBC) off 0.29% to $25.64. Insurance Australia Group Limited (IAG) came off 1.24% to $4.36 and QBE Insurance Group Limited (QBE) gave back 0.37%.
The S&P/ASX 200 Materials sector fell into the red at the start off trade and by lunch was off 1.15%, as BHP Billiton Limited (BHP) lost just over 0.8% to $33.19 and Rio Tinto (RIO) off $0.63 to $55.21. The iron ore price rallied once again overnight, up another $0.50 to US$117.70 a tonne but it did not help Australia's third biggest iron ore miner, Fortescue Metals (FMG) which lost another 1.56% to $3.79.
Healthcare stocks are also showing resilience on defensive buying, with CSL Limited (CSL) firmer by 0.64% to $47.34 and Sonic Healthcare Limited (SHL) up 0.87%
The Australian dollar is buying US102.48c and €79.73c.
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