Australian shares start the week on a negative note
Announcement posted by de2 Communications 22 Aug 2016
“Weakness in energy, materials telcos and financials was enough to overcome strength in industrials, consumer staples and property stocks,” said Chris Conway, Head of Research at Australian Stock Report.
Among the oilers, Santos (STO) was clearly the worst, losing close to 7 per cent. Oil Search (OSH) lost 2per cent.
According to Conway all of the big miners lost ground; BHP Billiton (BHP) shed 1.6 per cent, whilst Fortescue Metals (FMG) gave up 2.4 per cent despite delivering solid results this morning.
The big four banks were all weaker, with Commonwealth Bank (CBA) the worst of the lot, off 0.5 per cent.
The biggest movers on the day were APN Outdoor (APO), which slumped a massive 35 per cent on a disappointing outlook.
Earlier on the day APN downgraded its earnings following a lack of advertising demand, citing an extended election campaign and the Olympics as catalysts.
Having a better time of things was GWA Group (GWA), which surged more than 18 per cent on its numbers drop. All told, the ASX 200 shed 15 points (-0.3per cent), settling at 5512.
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