Another slump on the Australian share market Monday wiped $23 billion off the value of local stocks.

Prices were 1.7 percent lower across the board with the All Ordinaries Index falling 107 points to 6,620 and the ASX 200 shedding 114 points to 6,582.

The ongoing Wall Street jitters over losses by Citigroup, the world's biggest bank, again affected Australian shares together with worries the Australian reserve Bank will lift interest rates at its meeting Tuesday.

The big banks all suffered in latest trading with the Macquarie Group falling 5.2 percent to $71.80 and the National Australia Bank closing 1.4 percent lower at $39.12.

In the mining sector, BHP Billiton dropped nearly 3 percent to $40.22 and Rio Tinto lost 2 percent to $100.11.

One bright spot saw shares in Nufarm, the agricultural chemicals group, jump more than 11 percent to nearly $16 after it accepted a takeover bid by a consortium led by China National Chemical Corp.

Oil prices stayed high with a barrel of West Texas crude fetching $95.81 and spot gold sold at $803 an ounce.

The Australian dollar was buying 92.10 U.S. cents, 105 Japanese yen, 44.7 British pence and 63.5 euro cents.  // Copyright 2007 by United Press International



Publication date: 05 November 2007   

Source:

Archive