Business

Gloom dampens markets

THE Australian sharemarket finished the week on a low as data confirming another European recession and concerns about the US fiscal cliff dampened investor sentiment.

The S&P/ASX200 declined 12.40 points (-0.29%) to 4336.80, while the All Ords lost -0.24% to close at 4360.1 points.

In the US, markets closed in negative territory, weighed down by weak economic data and global political uncertainty. The S&P500 slipped 0.16% to 1353.33 points, while the Dow Jones softened by 0.23% to close at 12,542.38.

In Europe, stocks were down as data confirmed the Eurozone economy was in recession again. Frankfurt's DAX 30 slipped 0.82% to 7043.42 while London's FTSE100 fell 0.77% to 5677.75.

Locally, the market closed lower yesterday on the back of weak overseas markets. Industrial stocks, consumer discretionary and the more defensive healthcare and utilities sectors posted gains, while materials, energy, information technology and financial stocks closed in negative territory.

Fortescue Metals Group fell 1.5% or six cents as CEO Andrew Forrest defended the big miner's decision to avoid paying royalty payments of $200 million. Rare metals group Lynas Corporation continued its losing streak, declining by 8.26%.

Media stocks were strong, with Seven West putting on 2.87% and Fairfax Media gaining 2.47%.

Among consumer staples, Wesfarmers rose 0.8%, while its competitor, Woolworths, declined 0.6%. All big four banks lost ground.

Topics:  sharemarket


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Visitor cap may not fit all in Noosa says business leader

CAP RESPONSE: Steven Boyd, left, is accustomed to wearing a red and yellow cap in Noosa, not seeing one applied to day trippers.

Noosa CCIQ head has say on visitor limitations

Council has taste for brewery bids

SOMETHING BREWING: The proposed new Rene St brewery complete with tourist tasting area.

Brewery is good for tourist business

Local Partners

Mark Salling's child porn court date cancelled

Mark Salling's upcoming court hearing has been cancelled

Steve Carell pulls cruel prank on fans of the office

Steve Carrell decided to pull a cruel prank on fans of The Office

This jazz comes with a Czech heart

STRIKING A CHORD: From the Czech Republic, Libor Smoldas.

LIBOR Smoldas ranks among the stars of the Czech jazz scene

Your guide to the Coast's best live music gigs

Bluesman Doc Span will perform at The Imperial Hotel Bunker on Saturday, January 21.

Plan your big weekend with our Gig Guide

Hat Fitz and Cara love playing music around the world

PARTNERSHIP: Hat Fitz and Cara will play a special show in Noosa next month.

Soulful blues duo Hat Fitz and Cara have a special Noosa show soon

Have a ball watching Cinderella on stage

Red Riding Hood (Tayla Simpson) and the Big Bad Wolf (Pat Boiteux).

Grab your last chance to see Cinderella the pantomime

HOT PROPERTY: Money to spend on land, buildings

File picture.

Sale, leasing of industrial real estate picks up in Mackay

Collapsed Coast company could owe up to $5 million

Staff, ATO, landlords among those out of pocket.

Ipswich block of dirt sells for $582 a square metre

JUST SOLD: A property on the Brookwater golf course sold for a record-breaking $612,000.

Property smashed 2007 record by close to $100,000

Coolum land is hot property

Blank canvas ready to build on

Ready to SELL your property?

Post Your Ad Here!