The Australian market was crushed for the second session in a row, with the losses accelerating on the RBA’s monthly interest announcement, which left rates on hold.
Here’s the scoreboard:
- S&P ASX 200: 5,636.00 -99.40 -1.73%
- All Ordinaries: 5,639.90 -94.10 -1.64%
- AUD/USD: 0.7688 +0.0083 +1.08%
On Wall St, the S&P 500 closed overnight 0.2% higher. On the local market, all sectors lost ground in the biggest drop in about four weeks, adding to the 0.72% fall on Monday.
The banks and miners dragged on the market. Westpac closed weaker by 2.32% to $32.35, the NAB 2% to $33.35, the ANZ 1.28% to $32.30 and the Commonwealth 1.75% to $83.00. AMP was down 3.18% to $6.39.
BHP lost 2.95% to $28.33 and Rio Tinto 1.62% to $56.49. Energy stocks were down 2.2% as a group woith Woodside down 1.23% to $36.11 and Santos 2.89% to $8.08.
Retailers lost ground with Harvey Norman slipping 2.52% to $4.54, JB Hi-Fi 2.05% to $21.04 and the Reject Shop 1.16% to $6.81.
Myer was down 1.7% to $1.45, adding to Monday’s 1.3% fall after the retailer announced it was closing its Ryde store.
Only a handful of stocks put on weight including IGA supermarket operator Metcash, up 0.7% to $1.44, lawyers Slater and Gordon, up 2.26% to $6.34, and Southern Cross Media 4.48% to $1.05.
The top stories for Tuesday:
1. A fall in demand for IVF? Virtus Health expects revenue and profits for 2015 to be less than expected after Australia’s largest IVF provider missed its forecasts on new patients. Its shares closed down almost 20% to $6.11.
3. Australia is replacing more jobs than it is losing, but the work is significantly lower-paying.
4. Why Sydney’s first home buyers are different. There are fewer of them nationally and they have significant differences state to state.