Market Wrap - Midday
Monday, 1 December 2008 12:25pm
The Australian stockmarket remained weaker at noon with both the financial and resources sectors holding the market down.
At 1200 AEDT, the benchmark S&P/ASX200 index was down 67.8 points, or 1.81 per cent, at 3674.6, while the broader All Ordinaries had lost 57.4 points, or 1.56 per cent at 3615.3.
On the Sydney Futures Exchange, the December share price index futures contract sank 41 points, or 1.1 per cent, at 3690 points on volume of 10,998 contracts.
Aequs Securities institutional dealer Ric Klusman said the market was characterised by profit taking after several days of gains on Wall Street.
"The banks are having a little bit of a bad day and resources are down with global demand collapsing," Mr Klusman said.
"US Futures in Asia are down, but I doubt we'll fall too much today with the Reserve Bank expected to cut rates by 75 points tomorrow."
At 1202 AEDT, shares in BHP Billiton were down $1.09, or 3.52 per cent, at $29.91, while Rio was off $2.53, or 5.43 per cent, to $44.07.
The banks were lower, too. Commonwealth Bank fell 67 cents to $33.42, National Australia Bank dropped 58 cents to $19.42, ANZ declined 38 cents to $14.42 and Westpac was down 62 cents to $17.27.
AAP
