Monday, April 10, 2006

Resource and energy shares lead retreat

The sharemarket fell 0.8 per cent yesterday after a wave of profit-taking forced down the heavyweight resources and energy stocks.
The ASX 200 closed 40.6 points weaker at 5192.3 and the All Ordinaries slipped 39.7 to 5146.9.
Macquarie Equities client adviser David Halliday said a fortnight of record-breaking levels in the market had come to an end on Friday. The weakness continued yesterday after a soft lead from Wall Street.
"After a couple of weeks of impressive gains it was always going to result in some profit-taking," Mr Halliday said. "There's been some huge gains right across the board, particularly in materials and the resources and energy sectors … there was probably some pent-up profit-taking in the system that has become evident today."
Mr Halliday pointed out that the coming Easter weekend meant trading this week would be shortened by one day.
"Thursday will probably be very quiet as people square themselves up ahead of Easter," he said.
In resources and energy sectors, Rio Tinto slid $1.45 to $82.25 while BHP Billiton shed 19c to $29.31, and Woodside dropped 33c to $45.26 while Santos fell 13c to $11.85.
The major financials were also weaker, with Macquarie Bank down 23c to $68.77, AMP 10c to $8.74 and Axa also 10c to $6.
Commonwealth Bank fell 23c to $45.53, ANZ dipped 16c to $26.61, NAB was off 31c to $37.22 and Westpac lost 15c to $24.07.
Newmont Mining lost 16c to $7.34 and AngloGold Ashanti slipped 35c to $14.55 after the joint owners named Clough as the new management contract winner of the Boddington goldmine. Shares in Clough rose 1.5c to 44.5c.
Hampton Hill Mining rose 2c or 12.12 per cent to 18.5c. The junior explorer has acquired two uranium exploration licences in Western Australia.
Pacifica Group rose 48c, or 20.69 per cent, to $2.80. The car parts maker said it was in talks with an unnamed party that could result in a change of ownership.
Ruralco looks set to succeed in its takeover bid for Tasmanian rural services provider Roberts, with the target's board yesterday recommending acceptance. Ruralco closed steady at $4.05; Roberts rose 2c to $2.47.
Insurance broker OAMPS sold its premium funding business to commercial finance organisation Centrepoint Alliance in a deal that will closely link the two. Centrepoint shares rose 8.5 to 86.5c and OAMPS scrip lost 7c to $3.19.
The top traded stock by volume was Dyno Nobel with 57.49 million shares worth $153 million changing hands. The shares fell 3c to $2.65.

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