Australian Share Market Closes Marginally Lower Amid Weakness in Major Banks and Telco Giant

The Australian share market closed marginally lower yesterday following weakness in the major banks, consumer staples, and telco giant Telstra. The benchmark S&P/ASX200 index fell 12.8 points, or 0.28 per cent, to 4637.7, while the broader All Ordinaries was off 11.6 points, or 0.25 per cent, at 4660.3. This trend was in contrast to the US market, where the Dow Jones industrial average rose 20.63 points, or 0.2 per cent, to 10,328.89 on Wall Street on Friday.

Key Takeaways:

• The Australian share market closed marginally lower, with the S&P/ASX200 index falling 12.8 points to 4637.7.
• The major banks were mixed, with National Australia Bank adding 1c to $26.00, while Commonwealth Bank fell 71c to $52.15 and ANZ Banking Group decreased 39c to $20.95.
• Telstra was the weakest performer, falling 14c, or 4.08 per cent, to $3.29, driven by its poor performance throughout the day.
• Consumer staples were also weak, with Coles owner Wesfarmers dropping 45c to $28.87 and Woolworths falling 43c to $26.69.
• The resources sector was the only corner of the market doing well, with the sector's companies bucking the overall trend.
• RBS Morgans Brisbane private client adviser Craig Walker attributed the market's weakness to Telstra and the mixed performance of the banks.

Statistics:

• The benchmark S&P/ASX200 index fell 12.8 points, or 0.28 per cent.
• The broader All Ordinaries was off 11.6 points, or 0.25 per cent.
• Telstra fell 14c, or 4.08 per cent, to $3.29.
• National Australia Bank added 1c to $26.00.
• Commonwealth Bank fell 71c to $52.15.
• ANZ Banking Group decreased 39c to $20.95.
• Westpac lost 14c to $23.35.
• Coles owner Wesfarmers dropped 45c to $28.87.
• Woolworths fell 43c to $26.69.
• Fosters sank 15c, or 2.72 per cent, to $5.36.

Sources:

• Australian Financial Review, 2008 (no date mentioned)
• RBS Morgans Brisbane private client adviser Craig Walker (no date mentioned)