What a difference a day makes.
Australian stocks went into reverse on Friday, closing the session at their absolute lows.
After rallying 1.2% on Thursday, most of that was given back today.
Here’s the final scoreboard:
- ASX 200 5444.00 , -56.24 , -1.02%
- All Ords 5502.60 , -57.76 , -1.04%
- AUD/USD 0.7405 , -0.0009 , -0.12%
And how individual sectors fared:
- A-REITS -0.41%
- Consumer Discretionary -0.96%
- Consumer Staples -1.92%
- Energy -1.21%
- Financials -0.87%
- Healthcare -1.33%
- Industrials -0.80%
- Information Technology -2.26%
- Materials -1.18%
- Telecommunications -0.98%
- Utilities -0.66%
- All Ords Gold Index 1.02%
With the exception of gold producers, every sector was down, even energy and materials, despite some stellar gains in commodity markets overnight.
Banks were also in the wars, a complete divergence to the performance of their US peers in overnight trade.
Given their market weighting, the index was always going to struggle for the session.
Perhaps it was due to caution ahead of tonight’s US non-farm payrolls report, although that may be drawing a long bow. Some may point to this weekend’s Italian referendum as a reason for investor caution. Again, it’s questionable whether that played a part.
Yield plays were undermined by another selloff in Australian government bonds with the benchmark 10-year yield rising to as high as 2.905%, a level not seen since January 4 this year.
That followed a similar move in US treasuries overnight.
Stocks across Asia are all trading deep in the red, reversing much of the gains, or more, seen on Thursday. Crude, along with base and bulk commodity futures in China, were also trading softer, adding to the risk off feel for the session.
Of individual stocks, the talking point for the session was the plunge in Tasmanian organic infant formula producer Bellamy’s (ASX: BAL) whose shares plunged after reporting weaker sales in China.
The stock fell by 43.5%, closing the session at $6.85 per share.
Here’s how some of the other market heavyweights fared:
- AMP , $4.64 , -0.22%
- ANZ , $28.46 , -0.77%
- BHP Billiton , $25.02 , -2.30%
- Brambles , $11.61 , -1.61%
- CBA , $78.60 , -1.17%
- CSL , $98.08 , -1.15%
- Insurance Australia Group , $5.63 , 0.00%
- Macquarie , $84.23 , -0.88%
- NAB , $29.07 , -1.06%
- QBE Insurance , $11.74 , 0.86%
- Rio Tinto , $58.04 , -1.12%
- Scentre , $4.11 , -0.48%
- Suncorp , $12.78 , -0.54%
- Transurban , $10.01 , -1.18%
- Telstra , $4.95 , -1.00%
- Westpac , $31.34 , -0.98%
- Wesfamers , $40.88 , -1.52%
- Westfield Corporation , $8.75 , -1.13%
- Woolworths , $22.94 , -0.86%