Sign in Subscribe
Commercial banks

Australian Sharemarket Slips Lower Amid Profit Taking and Local Focus

Strategic Insights

— 1 min read

The Australian sharemarket experienced a decline on Tuesday, with the benchmark all ordinaries index closing 18.4 points lower at 2859.4 due to profit taking on top industrial stocks. The absence of lead from the US market, which was closed due to the Presidents Day holiday, shifted buyer focus to local news. The all industrials index fell 27.5 points to 5171.4, and the all resources index lost 12.6 points. Key players in the banking sector, including the Commonwealth Bank of Australia (CBA) and Telstra Corp, were among the biggest losers, with CBA's shares going ex-dividend.

Key Takeaways:

  • The Australian sharemarket declined on Tuesday due to profit taking on top industrial stocks, with the benchmark all ordinaries index closing 18.4 points lower at 2859.4.
  • The absence of US market lead, closed due to the Presidents Day holiday, shifted buyer focus to local news.
  • The all industrials index fell 27.5 points to 5171.4, and the all resources index lost 12.6 points.
  • Major players in the banking sector, including the Commonwealth Bank of Australia (CBA) and Telstra Corp, were among the biggest losers.
  • CBA's shares went ex-dividend, contributing to its 67.3 cents drop to 24.707 Australian dollars.
  • The gold index eased 16.4 points to 1044.9, while diversified miner BHP slumped 15 cents to 11.80 Australian dollars.

Statistics:

  • The Australian sharemarket lost 18.4 points on the benchmark all ordinaries index.
  • The all industrials index fell 27.5 points to 5171.4.
  • The all resources index lost 12.6 points.
  • CBA's shares went ex-dividend, leading to a 67.3 cents drop to 24.707 Australian dollars.
  • Preliminary national turnover was 358.98 million shares changing hands for 681.13 million U.S. dollars.

Sources:

  • XINHUA
  • COMTEX (http://www.comtexnews.com)

Read more