Aussie stockmarket fades lower
Announcement posted by de2 Communications 25 Nov 2015
SYDNEY - 25 November 2015: The local sharemarket faded badly into the close and settled near the lows of the day.
Chris Conway, Head of Research at the Australian Stock Report said, “Most sectors finished underwater, although energy bucked the trend after oil prices rose overnight. Santos (STO) was the standout in the space, adding 3.5 per cent on the day.”
Most of the big banks also closed lower on a day that started with mixed signals. Commonwealth Bank (CBA) and National Australia Bank (NAB) lost 0.8%, ANZ Banking Group (ANZ) fell 1.2% and Westpac (WBC) ended flat.
According to Conway, the big miners also struggled after iron ore traded to fresh multi-year lows overnight. BHP Billiton (BHP) slipped 0.2%, Rio Tinto (RIO) shed 0.6%, and Fortescue (FMG) lost 1.4%.
Retail giant Woolworths (WOW) bucked the broader market weakness, rallying 1.4% and bouncing back from an early selloff ahead of its annual general meeting tomorrow.
Conway said, “The company has apparently been in discussions with high-profile corporate advisory boutique Luminis Partners around the future of Big W following private equity approaches and we may get more clarity of the matter tomorrow.”
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