Australian Politics Forum - Aust stocks end lower on banks, miners

mellie

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Aust stocks end lower on banks, miners
Sep 8^th, 2010 at 11:36pm

08 Sep 2010 - 05:51pm

The Australian share market closed in negative territory on Wednesday after the major banks and big miners all posted losses.

The benchmark SP/ASX200 index closed down 36 points, or 0.79 per cent, at 4,537.2 points, while the broader All Ordinaries index fell 34.7 points, or 0.75 per cent, to 4,578.3 points.

On the Sydney Futures Exchange, the September share price index contract was 39 points lower at 4,538, on a volume of 28,559 contracts.

Burrell Stockbroking director Richard Herring said the local market followed a negative lead from offshore markets, but added that Wednesday's dip should not raise concerns.

'The market has enjoyed a strong run over the last four weeks, from late August, so a little bit of a breather today is not too damaging,' Mr Herring said.

The new federal Labor minority government may cause investors to be cautious and add to market instability in the coming weeks, he added.

'This might become a very protracted and useless exercise, at the end of the day, because nothing will actually get done (in parliament).

'All we need is just one by-election or someone to cross the floor and it's just deadlocked and you might end up in this colossal stalemate on policy and that's not good for anyone.'

The big four banks all finished lower, with Commonwealth Bank falling 57 cents to $51.78, Westpac losing 33 cents to $22.70, National Australia Bank dipping 45 cents to $23.95 and ANZ Banking Group was 27 cents lower at $23.49.

http://bigpondnews.com/articles/Finance/2010/09/08/Aust_stocks_end_lower_on_bank...

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Jeez, I must be psychic .... Wink

Naa, you would have to be pretty thick not to have seen this coming.

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shampain socialist

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Re: Aust stocks end lower on banks, miners
Reply #1 - Sep 8^th, 2010 at 11:44pm

well who wants to invest in the stock market, especially mining, when you've got a marxist government who can't wait to rip the guts out of your profits, just like they rip the guts out of the public utilities for "dividends" and leave them broke so they can't even do their job and supply basic services any longer.
Labor feverishly looks for any additional source of taxation to fund their huge deficits.
No one will want to work or invest in this country if these people are allowed to keep doing this.
Bring on the revolution.
This labor government has not won a majority of votes or seats in this country, they should not be allowed to continue on the same path that they were before.
I think people in this country now have a real right to refuse to comply with their marxist demands.

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Dsmithy70

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Re: Aust stocks end lower on banks, miners
Reply #2 - Sep 8^th, 2010 at 11:48pm

mellie wrote on Sep 8^th, 2010 at 11:36pm:

08 Sep 2010 - 05:51pm

The Australian share market closed in negative territory on Wednesday after the major banks and big miners all posted losses.

The benchmark SP/ASX200 index closed down 36 points, or 0.79 per cent, at 4,537.2 points, while the broader All Ordinaries index fell 34.7 points, or 0.75 per cent, to 4,578.3 points.

On the Sydney Futures Exchange, the September share price index contract was 39 points lower at 4,538, on a volume of 28,559 contracts.

Burrell Stockbroking director Richard Herring said the local market followed a negative lead from offshore markets,but added that Wednesday's dip should not raise concerns.

'The market has enjoyed a strong run over the last four weeks, from late August, so a little bit of a breather today is not too damaging,' Mr Herring said.

The new federal Labor minority government may cause investors to be cautious and add to market instability in the coming weeks, he added.

'This might become a very protracted and useless exercise, at the end of the day, because nothing will actually get done (in parliament).

'All we need is just one by-election or someone to cross the floor and it's just deadlocked and you might end up in this colossal stalemate on policy and that's not good for anyone.'

The big four banks all finished lower, with Commonwealth Bank falling 57 cents to $51.78, Westpac losing 33 cents to $22.70, National Australia Bank dipping 45 cents to $23.95 and ANZ Banking Group was 27 cents lower at $23.49.

http://bigpondnews.com/articles/Finance/2010/09/08/Aust_stocks_end_lower_on_bank...

__________________________________________

Jeez, I must be psychic .... Wink

Naa, you would have to be pretty thick not to have seen this coming.

It's called profit taking Wink

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REBELLION is when you turn off the TV & start educating & thinking for yourself.
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sutherncross New Member Offline Australian Politics Posts: 19	Re: Aust stocks end lower on banks, miners Reply #3 - Sep 8^th, 2010 at 11:56pm They should take the profit's while they can , Once the Watermellons get their slice into policy with a new "improved" resource tax profit;s for anyone will be far and few between.
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perceptions_now

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Re: Aust stocks end lower on banks, miners
Reply #4 - Sep 8^th, 2010 at 11:58pm

mellie wrote on Sep 8^th, 2010 at 11:36pm:

08 Sep 2010 - 05:51pm

The Australian share market closed in negative territory on Wednesday after the major banks and big miners all posted losses.

The benchmark SP/ASX200 index closed down 36 points, or 0.79 per cent, at 4,537.2 points, while the broader All Ordinaries index fell 34.7 points, or 0.75 per cent, to 4,578.3 points.

On the Sydney Futures Exchange, the September share price index contract was 39 points lower at 4,538, on a volume of 28,559 contracts.

Burrell Stockbroking director Richard Herring said the local market followed a negative lead from offshore markets, but added that Wednesday's dip should not raise concerns.

'The market has enjoyed a strong run over the last four weeks, from late August, so a little bit of a breather today is not too damaging,' Mr Herring said.

The new federal Labor minority government may cause investors to be cautious and add to market instability in the coming weeks, he added.

'This might become a very protracted and useless exercise, at the end of the day, because nothing will actually get done (in parliament).

'All we need is just one by-election or someone to cross the floor and it's just deadlocked and you might end up in this colossal stalemate on policy and that's not good for anyone.'

The big four banks all finished lower, with Commonwealth Bank falling 57 cents to $51.78, Westpac losing 33 cents to $22.70, National Australia Bank dipping 45 cents to $23.95 and ANZ Banking Group was 27 cents lower at $23.49.

http://bigpondnews.com/articles/Finance/2010/09/08/Aust_stocks_end_lower_on_bank...

__________________________________________

Jeez, I must be psychic .... Wink

Naa, you would have to be pretty thick not to have seen this coming.

And so Mellie, seeing that you saw it coming, what did you see & why did it happen???

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mellie

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Re: Aust stocks end lower on banks, miners
Reply #5 - Sep 9^th, 2010 at 12:25am

Like I said before...I think it has to do with investor confidence, well a lack there of, due to the fragility of a minority government not in any position to get a whole lot done in parliament. Should one independent cross the floor, they are finished!

Investors want security, certainty, and it comes down to their knowing that should just one independent cross the floor, on any given issue, anything up for grabs could be thrown off the table.

I think this is why Swans in such a hurry to get the mining tax past, so as to grant the bigger players some kind of certainty at least.

The question is, will he pass it in time, and if so, what will our independents have to say about this without their desired henry review summit?

Investors know this....so, don't allow yourselves to be fooled into thinking this is just a temporary set back... investor confidence will not restore until they receive reassurance of some kind, be this their promised tax, or a more stable government.

I am no financial wiz guys, but this is my own personal take on the matter, because if I were an investor, I sure as hell wouldn't be investing in a government flat out passing gas, let alone getting something across the senate.

Just too risky Roll Eyes

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jenny.smith

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Re: Aust stocks end lower on banks, miners
Reply #6 - Sep 17^th, 2010 at 2:23pm

The Australian Stock Exchange is trading significantly lower on Monday, investors, press the sale of heavy mining shares after the government move to set a new 40% tax on the profits of mining companies in rapidly expanding. Sharp setback on Wall Street last Friday after a criminal probe by Goldman Sachs and the Gulf of Mexico oil spill is also damaging the idea of a considerable extent.

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buzzanddidj Gold Member Offline Australian Politics Posts: 14243 Eganstown, via Daylesford, VIC Gender:	Re: Aust stocks end lower on banks, miners Reply #7 - Sep 17^th, 2010 at 2:33pm mellie wrote on Sep 8^th, 2010 at 11:36pm: Jeez, I must be psychic .... It's pronounced .... 'psy-cho-tic'
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aussiefree2ride

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Re: Aust stocks end lower on banks, miners
Reply #8 - Sep 17^th, 2010 at 2:38pm

jenny.smith wrote on Sep 17^th, 2010 at 2:23pm:

The Australian Stock Exchange is trading significantly lower on Monday, investors, press the sale of heavy mining shares after the government move to set a new 40% tax on the profits of mining companies in rapidly expanding. Sharp setback on Wall Street last Friday after a criminal probe by Goldman Sachs and the Gulf of Mexico oil spill is also damaging the idea of a considerable extent.

Hello Jenny, I have to admit to getting a laugh at the leftards who believe that a 40% tax on mining would be good for the mining industry. Just a way of soothing their conscience I suppose.

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aussiefree2ride Gold Member Offline Australian Politics Posts: 3538	Re: Aust stocks end lower on banks, miners Reply #9 - Sep 17^th, 2010 at 2:39pm buzzanddidj wrote on Sep 17^th, 2010 at 2:33pm: mellie wrote on Sep 8^th, 2010 at 11:36pm: Jeez, I must be psychic .... It's pronounced .... 'psy-cho-tic' You copied the spelling from your certificate didn`t you?
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vegitamite Ex Member	Re: Aust stocks end lower on banks, miners Reply #10 - Sep 17^th, 2010 at 3:19pm *Todays update*; Markets ASX Indices \| ASX Top Movers \| GICS Industries \| Currencies Energy, miners drive the market higher 12:59pm \| The Australian share market was half a per cent firmer today, as the big miners continued to post gains.
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mellie Gold Member Offline Australian Politics Posts: 8142 Sydney Gender:	Re: Aust stocks end lower on banks, miners Reply #11 - Sep 17^th, 2010 at 5:38pm And should a carbon-tax incentive aka ALP's BHP pre-electoral sweetener with respects to their uranium pursuits not go through? Lets see how well the stocks do then.
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adelcrow Gold Member Offline Australian Politics Posts: 20133 everywhere Gender:	Re: Aust stocks end lower on banks, miners Reply #12 - Sep 17^th, 2010 at 5:49pm People who panic over the day to day movements of the stock exchange should probably put their money somewhere else. Im always happy to buy shares in the big miners and top 4 Aussie banks if your looking to sell mellie
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mellie

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Re: Aust stocks end lower on banks, miners
Reply #13 - Sep 17^th, 2010 at 5:52pm

adelcrow wrote on Sep 17^th, 2010 at 5:49pm:

People who panic over the day to day movements of the stock exchange should probably put their money somewhere else.
Im always happy to buy shares in the big miners and top 4 Aussie banks if your looking to sell mellie

Why, I don't have any shares... yourself? Roll Eyes

Anywayz, must get back to my reading, the banality of your posts is forcing my eyelids to close. Got a couple of spare toothpicks?

Sorry. ZZZzzz Roll Eyes

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Ex Dame Pansi Gold Member Offline Australian Politics Posts: 24168	Re: Aust stocks end lower on banks, miners Reply #14 - Sep 18^th, 2010 at 6:34am mellie, you obviously haven't been keeping an eye on the stock market for the last three years. Is it time to swap the multicultural propaganda book for some serious money market reading material?
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