Shares drop as banks sold down
Australian stocks have extended losses, with banks leading the falls on profit-taking in the wake of National Australia Bank's results.
In afternoon trade, the benchmark S&P/ASX200 index was down 51.9 points, or 1.1 per cent, at 4701.6, while the broader All Ordinaries fell 49.9 points, or 1 per cent, to 4705.
Among the sectors, financial stocks lost 2 per cent, materials dropped 1 per cent and energy was down 0.6 per cent. Telcos bucked the trend for a second day and gained 1.9 per cent.
"There was no great surprise in the NAB results but a lot of people thought some consolidation in the banks was well and truly due."
Inflation numbers coming in slightly above expectations solidified views that a rise in interest rates is likely when the Reserve Bank meets next week, but markets are not expecting anything more than a 0.25 percentage point rise.
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- News Source: The Daily Telegraph | 25 days agoTHE share market has broken a four-day losing streak on a rebound in sentiment, spurred by data overnight showing the US economy returning to growth. The benchmark S&P/ASX200 index closed up 68.5 points, or 1.5 per cent at 4643.2 points, while the...
- News Source: The Daily Telegraph | 27 days agoS&P/ASX200 index was down 89.4 points, or 1.91 per cent, at 4595.7, while the broader All Ordinaries had fallen 92.9 points, or 1.98 per cent, to 4594.4. "It's red across all the cyclical sectors, materials, energy and financials are the big losers ..
- News Source: The Daily Telegraph | 27 days agoS&P/ASX200 index was down 86.3 points, or 1.84 per cent, at 4,598.8 while the broader All Ordinaries had lost 91 points, or 1.94 per cent, to 9,890. ANZ today reported an 11 per cent fall in annual net profit to $2.943 billion and says the Australian...
- News Source: The Courier-Mail | 28 days agoArticle from: AAP October 28, 2009 03:37pm THE share market closed firmly in the red after bank stocks led a broad sell-off. The benchmark S&P/ASX200 index was down 68.4 points, or 1.44 per cent, at 4685.1 points, while the broader All Ordinaries...
- News Source: Sydney Morning Herald | 28 days agoNAB posted a 42.9 per cent fall annual profit to $2.589 billion to September 30 after bad debt charges surged to $3.8 billion. Just days ago, ANZ pledged any rate rises would be in line with changes to the official cash rate announced by the RBA...
- News Source: Sydney Morning Herald | 28 days agoIn fact, its success, like the other members of the Big Four club, is almost embarrassing. CEO Cameron Clyne came close to admitting as much in the bank's results media release this morning: ''We had to strike a careful balance between the various...
- Blog Source: blog.taragana.comThe Cinncinnati-based bank said Thursday it lost $26 million, or 4 cents, per share, compared with a profit of $286 million, or 54 cents per share, a year earlier, including preferred dividends. ...
- Blog Source: business.scoop.co.nzShares dropped on Wall Street yesterday, with the Dow Jones Industrial Average falling 1.1%. In Asia today, Japan's Nikkei 225 Index fell 1.4%, Hong Kong's Hang Seng slipped 1.5% and Australia's S&P/ASX 200 Index declined 1.5%. ... Wrightson tumbled
- Blog Source: blog.taragana.comThe Cincinnati-based banana and produce seller earned $5 million, or 11 cents per share, in the quarter that ended Sept. 30. That compares with a loss of $7 million, or 16 cents per share, a year earlier. Chiquita said its results were ... "The bank
- Blog Source: www.istockanalyst.comShares of financials plummeted. Bank of America Corp. (NYSE: BAC) plunged 74 cents or 4.56% to $15.48. JP Morgan & Chase & Co. (NYSE: JPM) lost $1.24 or 2.74% to $43.99. Citigroup (C) slid 19 cents or 4.26% to $4.27. Airplane maker Boeing Co. ...
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Video Source: www.truveo.comUBS; Banks Losses; Federal ...Video Source: www.truveo.comUBS; Banks Losses; Federal Reserve Rate Cut - Video Source: www.truveo.com
- Video Source: www.truveo.comBanks: Credit Suisse; Barclays;...Video Source: www.truveo.comBanks: Credit Suisse; Barclays; Northern Rock; Lehman Brothers; Outlook For ...
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