Australian Stock Report - Market Pulse
Evening Market Analysis: Another Tough Session
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Publish date: Thu, 22 Dec 2011, 05:11 PM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.
The Australian market lost ground today, after a weak night in Europe that was fuelled by ongoing debt concerns.
At home the big four weighed on the market; ANZ dropped 1.4% whilst WBC declined 0.6%.
The major miners underperformed the general market; BHP descended 1.4% while rival Rio Tinto depreciated 1.8%.
However OneSteel soared 10.3% after announcing its intention to sell its Piping System business for $67 million to US-based McJunkin Red Man.
Kathmandu was one of the biggest losers on the market, crashing 25.4% after it announced it expects EBITDA for the six months to January 31 to be lower than expected.
Other retails were tarred with the same brush; Myer slumped 6.2% and David Jones fell 3.5%.
The ASX 200 let go of 49 points (-1.2%), settling at 4091.
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