Australian Stock Market Report – Afternoon 8/29/2012

By International Business Times,  August 29, 2012, 05:52:27 AM EDT

AFTERNOON REPOT
(5pm AEST)

Local stocks eased slightly today, with investors still opting to shy away from risk ahead of this weekend's Jackson Hole symposium, where central bankers from around the globe will meet to discuss the ongoing European debt crisis. The All Ordinaries Index, which gained 0.3pct yesterday, eased by 5.5pts today to 4381.5.

Mining stocks were the biggest drag on the bourse. Fortescue Metals Group (FMG) fell 6.4pct to $3.65 as spot iron ore prices fell below US$95 a metric tonne. BHP Billiton ( BHP ) lost 1pct to $32.76 while Rio Tinto ( RIO ) was weaker by 2.3pct to $50.54.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: BHP, RIO



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