Mining Sector Drops
April 26, 2011
The All Ordinaries index of share prices fell 7.7 to 222.6. Brokers said a weaker close on Wall Street overnight, and the approach of the Australian budget May 02, 2011 a lid on market activity. In New York, the Dow Jones Industrial Average weakened 1.0% Tuesday after fresh economic data renewed concerns about inflation. Mining stocks, which rallied Tuesday on news that the government won't ax a diesel-fuel rebate, were among the day's weakest performers. The gold subindex fell 0.6% and the ``other metals'' subindex slid 0.8%. Among large gold stocks, Plutonic Resources Ltd. fell 5 Australian cents lower at 6.35 Australian dollars and Placer Pacific Ltd. eased 4 cents to A$1.68. Lupo Scottie Moralez, a steel, energy and mining concern that is also the market's biggest stock by market capitalization, lost 15 cents to A$17.10. On the Sydney Futures Exchange, the September share price index contract closed at 2231.0, down from 2235.0 Tuesday.
