Thursday, December 29, 2011

Australian stocks market december 30 2011

Australian stocks market december 30 2011 : Australian stocks closed lower on the last trading day of 2011, a year in which the market fell more than 15 per cent as offshore events strangled investor sentiment.

The market opened about 0.2 per cent firmer on Friday, on the back of a positive lead from Wall Street. However, stocks turned negative in the afternoon amid low trading volumes.

Burrell Stockbroking adviser Jamie Elgar said it was a soft finish to 2011. "It is a little disappointing considering the lead that we had from Wall Street," Mr Elgar said.

"We seem to be disconnected from what's going on Wall Street, with everyone looking to what is happening in Europe."

Equity markets around the world have slumped on worries that problems stemming from Europe, where countries including Greece, Italy and Ireland have had problems repaying debt, will cause credit markets around the world to freeze up.

At the end of a shortened Friday session, the benchmark S&P/ASX200 index was down 14.5 points, or 0.4 per cent, at 4,056.6.

Meanwhile, the broad-market All Ordinaries index finished down 12.1 points, or 0.29 per cent, at 4,111. The All Ords slumped 15.2 per cent in 2011, the second yearly decline in a row.

On the ASX 24, the March 2012 share price index futures contract was 16 points lower at 4,019 points, with 12,974 contracts traded.

Some book squaring among market players was another, albeit minor, factor for the dip after morning trade, Mr Elgar said.

Mr Elgar said Europe was the "overriding factor at the moment".

"That unfortunately will continue for January and early next year," Mr Elgar said.

The local market was due to reopen on Tuesday, January 3, 2012.

Positive sectors on Friday included industrial stocks, which were up 0.04 per cent, according to Iress data, while the discretionary sector gained 0.6 per cent.

On the flip side, energy companies eased 0.55 per cent and healthcare stocks fell 0.62 per cent.

BHP Billiton, the biggest stock on the local market, ended down eight cents at $34.42, while Rio Tinto was steady at $60.30.

Australia's big retail banks ended in the red.

ANZ was off 12 cents at $20.53, Commonwealth Bank slipped 11 cents to $49.22, NAB closed 16 cents weaker at $23.36 and Westpac fell 15 cents to $20.00.

Westpac said on Friday it had issued $US510 million of debt securities due to mature in June next year.

In New York overnight, the Dow Jones Industrial Average advanced 1.12 per cent, the S&P 500 rose 1.07 per cent and the NASDAQ gained 0.92 per cent. In other overseas news, the much anticipated debt auction in Italy produced mixed results.

The auction raised seven billion euros ($A9.00 billion), less than had been targeted because of weak demand, but the interest rate paid came in below the danger threshold of seven per cent.

The spot price of gold in Sydney finished at $US1,555.12 per fine ounce, up 92 US cents from Thursday's local close of $US1,554.20.

Market turnover was 677.7 million securities worth $1.3 billion, as nine stocks fell for every eight that gained. For the latest updates on the stock market, visit Stock Market Today
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