The ASX was a horror show today, selling off into the close.
Stock fell hard, led by big slump in the ANZ which quickly spread to the other major banks and the rest of the market.
Here’s the scoreboard :
- S&P ASX 200: 5,474.80 -135.30 -2.41%
- All Ordinaries: 5,472.30 -127.82 -2.28%
- AUD/USD:0.7361 +0.0016 +0.22%
On Wall Street, the S&P500 closed down 0.8%. On the local market, all ten sectors were down in the worse Friday session of the year, adding to the 1.13% fall on Thursday.
The ANZ bank, which is in the middle of a $3 billion capital raising, dropped a massive 8% in the first few minutes of trading. It ended the day losing 7.49% to $30.14.
Westpac slumped 3.26% to $32.356, the Commonwealth 3.84% to $81.30 and the NAB 2.29% to $32.82.
The miners also lost ground, with BHP down 2.85% to $25.93 and Fortescue 1.83% to $1.875.
Orica was hammered after it lowered its profit outlook and announced write downs of up to $1.65 billion. The explosives group was down more than 16.94% to $15.64.
The top stories Friday:
1. Kathmandu. Rod Duke, the head of New Zealand retailer Briscoe, criticised Kathmandu’s sales performance after the adventure retailer rejected his $324 million takeover bid. Kathmandu lost 5.47% to close at $1.55.
2. Orica lowered its profit outlook and announced write downs of up to $1.65 billion as the global downturn in mining and an oversupply of ammonium nitrate impacts the explosives group.
3. Virgin Australia is just months away from profit, helped by increased cost-cutting and an end to the price war with Qantas. Virgin closed at 1.14% to $0.435.
4. The RBA’s upbeat statement on monetary policy means there is little chance rates will be cut again
5. Atlassian celebrated a great financial year by building cities out of cardboard boxes and then destroying them.
6. This chart shows Rio Tinto’s iron ore margins are among the best in Australia. Rio closed down 0.52% to $53.27 in a falling market.