After a rough day and a very brief positive peak after lunch, the Aussie market finished the day down by more than one and a half per cent with all sectors in the red except for healthcare.
The S&P/ASX200 Index closed 62 points lower at 3,903. But for the week, it was down 246 points. On the futures market, the SPI was 36 points lower.
Wall Street
Over the four trading days on Wall Street this week, the Dow Jones Industrial Average was 775 points lower. The S&P 500 Index was 86 points lower, Nasdaq was 167 points lower and the 100 Index was 122 points lower.
Economic news today
The G20 finance ministers and central bankers have vowed in an unexpected joint statement to deliver "a strong and co-ordinated international response to address the renewed challenges facing the global economy". The G20 officials also said they want to create credible fiscal consolidation plans.
And the RBA’s financial stability reviews says the local banking system remains in good shape, but it’s warning against lowering standards to boost growth.
Company news
It looks like global market volatility has really the mining giants hard today. Shares in BHP Billiton Limited (ASX:BHP) and Rio Tinto Limited(ASX:RIO) dropped to their lowest points in more than a year during the day. BHP fell to $34.27 at the open, its lowest price since 2009, and Rio hit $61.67, its lowest since May last year. Shares in BHP Billiton Limited (ASX:BHP) ended the day 3.03 per cent lower at $34.55.
Lynas Corporation (ASX:LYC), has reported a net loss after tax of $59 million for the 2011 financial year, compared with a loss of $43 million the year before, in line with company expectations. No dividend has been declared. Shares in Lynas Corporation (ASX:LYC), lost 4.52 per cent today to finish at $1.05.5.
Foster’s Group Limited (ASX:FGL) is on an upgrade watch. Ratings agency Moody's has placed its long-term senior unsecured debt and issuer rating on review, after the announcement that the brewer accepted a $12.3 billion takeover offer by SABMiller.
And Woodside Petroleum’s (ASX:WPL) relations with East Timor may be set to improve after the East Timorese president has hinted at improving relations with the company. Reports by The Australian say the new chief executive, Peter Coleman, left a particularly positive impression after his first visit.
Best and worst performers
The best performing sector was healthcare, lifting 22 points to close at 7,428. The worst performer was materials, dropping 388 points to close at 10,858 points. The best performing stock in the S&P/ASX200 was Bluescope Steel, shares rising 6.15 per cent to close at 69 cents. Shares in Kagara and Goodman also finished stronger today.
The worst performing stock was Dart Energy, dropping 14.29 per cent to close at 51 cents. Shares in Gryphon and White Energy also fell today.
IPOs
Parker Resources was listed today at 20 cents. It opened at 22 cents, and closed at 22 cents as well.
Commodities
Gold is trading at $US1,732 an ounce and fell by $77.89 over the week. Light crude is down 39 cents to $US80.12 a barrel.
Dollar
The Australian dollar is buying US97.69 cents after in plunged to a 10 month low today. It’s 5.9 cents down on the week.
