Australian Stock Market Report –Afternoon 3/27/14
By Juliette Saly, CommSec Market Analyst | March 27, 2014 5:21 PM EST
Local stocks gained a little ground in afternoon trade and managed to finish off the day's lows, although still in the red. Following weakness on offshore markets overnight, the All Ordinaries Index (XAO) closed lower by 27.5 points or 0.5 per cent to 5359.7.
Australia's ASX outshines regional indices in the week ending 28 September (Reuters).
Every sector except the energy players finished in negative territory. The S&P/ASX 200 Energy sector was up 0.2 per cent on the close, with Oil Search (OSH) up 1.6 per cent following a rise in the Nymex contract.
The gold price continued to ease, falling to a near six week low. Shares in Newcrest Mining (NCM) fell 3.3 per cent to $9.68. The big miners gave back most of yesterday's gains.
Lynas Corp (LYC) rose 25 per cent today to 22.5c. The company was forced to respond to an ASX pricing query, but stated it was not aware of any reasons behind recent big swings in its share price. Yesterday, LYC fell 10 per cent. The rare earths miner also today forecast stronger 3Q sales.
Sigma Pharmaceuticals (SIP) added 1.6 per cent to 64c after reporting solid full year numbers. Revenue rose 1.1 per cent to $2.7 billion, while a final dividend of 2c per share was declared.
Qantas (QAN) rose 1.9 per cent today to $1.075. A leaked memo was printed in Fairfax papers today, citing 26 management jobs will go over the coming months as the airline attempts to return to profitability. 5000 job losses were flagged in February when QAN reported a massive loss.
In economic news, total household wealth (net worth) stood at a record $7,531.8 billion at the end of December, up $253.7 billion over the quarter - the biggest quarterly rise in four years. In per capita terms, wealth rose to a record $322,757 in the December quarter, up $9,529 over the quarter.
On the market overall, a total of 1.7 billion shares changed hands, worth $4.5 billion. 352 shares were higher, 552 were lower and 371 closed unchanged.
At 4.15pm AEDT the SFE 200 Futures Index was at 5353, down 17 points.
The Australian dollar continued its resilience, rising to a fresh 2014 high. At 4.30pm AEDT the Aussie was worth US92.38c.
Ahead tonight, pending home sales are released in the US. The final reading on December quarter economic growth is also due.
More from IBT Markets:
Follow us on Facebook
Follow us on Twitter
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- PageSix: Beyonce & Jay Z Union is Not About Love, All About Business & the Brand
Join the Conversation
- South Australia OKs $800M Copper, Gold & Iron Ore Mine on Prime Agri Land in Yorke Peninsula
- Australian Stock Market Report –Midday July 30, 2014
- Shanghai Stock Exchange Will Not Extend Trading Hours
- Long Beach Real Estate Market Is Pricing Out Home Buyers with Limited Budget
- Australian Stock Market Report –Afternoon July 30, 2014
- Samsung Galaxy S5 Alpha Leaks Online: Release Date, Five Features to Wait for New Smart Phone
- Photos of Motorola Moto X+1 Prototype and Specs Leak Online, Release Date, Four Fresh Features Revealed
- Sony Xperia Z3: Release Date, Five Features to Expect from New Android Smart Phone
- 5 Food Scandals That Shocked The World
- Top Surprising Features Of iOS 8
- Top 4 Reasons Why iPhone 6 Will Hit Big Soon After its Sept 2014 Release Date
- Iran Leader Asks Muslims to Supply Arms to Palestine, Calls Israel ‘Rapacious Wolf’