Australian Shares Fall Amid Wall Street and Gold Price Drop

A downturn on Wall Street and lower gold prices caused Australian shares to decline on Tuesday, with the benchmark All Ordinaries index slipping 14.4 points to 2,977.8. Despite this, market analysts noted that the local bourse held up well and finished off its low. The gold index retreated 13 points to 1021.4, with major gold miners experiencing losses, while a few sector stocks posted gains.

Key Takeaways:

• The benchmark All Ordinaries index fell 14.4 points to 2,977.8, a decline of almost half a percent.
• The Dow Jones Industrial Index spiked through the 10,000 point barrier for the first time overnight Tuesday before sliding 28.30 points to close at 9,930.47.
• Macquarie Nevitts director Brad Usasz attributed the market's fall to a hesitation to break the 3000 point barrier, but noted it might be a short-term position.
• The gold index retreated 13 points to 1021.4, with major gold miners like Normandy, Lihir, and Newcrest experiencing losses.
• Food group Burns Philp added five to 34 cents amid takeover rumours.
• Village Roadshow gained 12 to $2.75, and its class A preference shares surged 10 to $2.40 after announcing a preference share buyback program.
• Richfield Resources NL was the most traded stock on the local bourse, with 24.69 million shares changing hands for $683,105.

Statistics:

• The All Ordinaries index fell 14.4 points to 2,977.8.
• The Dow Jones Industrial Index closed at 9,930.47, after spiking through the 10,000 point barrier.
• The gold index retreated 13 points to 1021.4.
• Preliminary national turnover was 356.17 million stocks traded for $1.08 billion.
• Falling stocks outnumbered rising stocks 735 to 495, while 459 stocks remained steady.
• The March share price index contract on the Sydney Futures Exchange dropped 21 points to 2981.0.

Sources:

• "Australian shares fell today depressed by a fall on Wall Street and lower gold prices." - ASIA PULSE (C) 1999 Asia Pulse Pte Ltd
• "The benchmark All Ordinaries index slipped 14.4 points or almost half a per cent to close at 2,977.8, up off its 2,968.0 intra-day low." - ASIA PULSE (C) 1999 Asia Pulse Pte Ltd
• "News Corp eased two to $11.82 and its preferred scrip dipped seven to $10.93." - ASIA PULSE (C) 1999 Asia Pulse Pte Ltd
• "Richfield Resources NL was the most traded stock on the local bourse, with 24.69 million shares changing hands for $683,105." - ASIA PULSE (C) 1999 Asia Pulse Pte Ltd
• "Preliminary national turnover was 356.17 million stocks traded for $1.08 billion." - ASIA PULSE (C) 1999 Asia Pulse Pte Ltd