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Australian Market Edges Lower


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(RTTNews.com) - The Australian stock market is edging lower on Wednesday after opening higher following the mixed cues overnight from Wall Street. Losses in the heavyweight banking sector more than offset gains by healthcare, mining and oil stocks amid higher commodity prices.

In late-morning trades, the benchmark S&P/ASX 200 Index is losing 4.00 points or 0.07 percent to 6,037.10, after touching a high of 6,057.00 earlier. The broader All Ordinaries Index is down 4.30 points or 0.07 percent to 6,151.20. Australian shares fell on Tuesday, extending losses from the previous session.

Among the big four banks, National Australia Bank, Westpac and ANZ Banking are lower in a range of 0.4 percent to 0.9 percent.

Shares of Commonwealth Bank are down 0.7 percent after the lender and its wealth management unit Colonial First State were hit with a class-action lawsuit over allegedly uncompetitive superannuation returns.

Gold miner Evolution Mining is down 0.5 percent and Newcrest Mining is lower by 0.4 percent despite a slight rebound in gold prices overnight.

In the healthcare space, CSL is advancing almost 2 percent and Cochlear is rising more than 2 percent.

Among the big miners, BHP is adding 0.4 percent, Fortescue Metals is up almost 1 percent and Rio Tinto is advancing more than 1 percent, helped by stronger iron ore and copper prices.

Oil stocks are also mostly higher after crude oil prices rose overnight. Santos is rising more than 1 percent and Woodside Petroleum is adding 0.2 percent, while Oil Search is down 0.1 percent.

Navitas has received a A$1.97 billion takeover bid from a consortium comprising private equity firm BGH Capital, fund manager AustraliaSuper and top shareholder Rodney Jones. The education firm's shares are gaining more than 21 percent.

On the economic front, Australia will see October results for the consumer confidence index from Westpac Bank today.

In the currency market, the Australian dollar is higher against the U.S. dollar on Wednesday, recovering from multi-year lows. The local currency was quoted at $0.7108, up from $0.7087 on Tuesday.

On Wall Street, stocks closed mixed on Tuesday for the second straight day as traders kept an eye on treasuries amid renewed concerns about the outlook for interest rates. With the bond markets re-opening following the Columbus Day holiday on Monday, treasury yields turned lower over the course of the session after initial moving higher.

While the tech-heavy Nasdaq inched up 2.07 points or less than a tenth of a percent to 7,738.02, the Dow dipped 56.21 points or 0.2 percent to 26,430.57 and the S&P 500 edged down 4.09 points or 0.1 percent to 2,880.34.

The major European markets closed higher on Tuesday. While the U.K.'sFTSE 100 Index inched up by 0.1 percent, the German DAX Index and the French CAC 40 Index rose by 0.3 percent and 0.4 percent, respectively.

Crude oil prices rose on Tuesday as more evidence emerged that crude exports from Iran, OPEC's third-largest producer, are declining ahead of the U.S. sanctions against the country that kicks in from November 4. WTI crude for November climbed $0.67 or 0.9 percent to $74.96 a barrel on the New York Mercantile Exchange.


Read the original article on RTTNews (http://www.rttnews.com/2942178/australian-market-edges-lower.aspx)


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This article appears in: World Markets , 401k , Banking and Loans , Oil , Commodities , Retirement
Referenced Symbols: CBAUY ,



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