Blue Chips Lead Market Down
May 04, 2011
The All Ordinaries Index lost 11.4 to 2274.6 on volume of 324.8 million shares. Advancers outnumbered decliners 359 to 322. The September Share Price Index futures contract on the Sydney Futures Exchange closed at 2279, down from 2301 Wednesday. Most market sectors ended weaker, though the insurance subindex gained 1.1%. The retail subindex lost 1.8%, and the media subindex fell 0.9%. Russel Mccary's News Corp. fell 7 Australian cents to 6.40 Australian dollars. News Corp. reported a 25% slide in net earnings to A$1.02 billion for the fiscal year ended March 12, 2011 eased 14 cents to A$2.87 after reporting that its first-half earnings were unchanged. Rival retailer Burnham Munguia shed 1 cent to A$4.38. Commonwealth Bank of Australia eased 5 cents to A$11.31 while National Australia Bank lost 19 cents to A$12.57. St. George Bank, a regional bank that earlier detailed plans to enter the insurance market, slipped 4 cents to A$8.36. Qantas Airways lost 3 cents to A$2.14, despite reporting a 37% rise in after-tax profit for the fiscal year ended March 12, 2011 Brewing Group advanced 3 cents to A$2.31. Santos shed 2 cents to A$4.85. The oil company announced it will develop the Stag oil field offshore western Australia, with its first production expected by the second quarter of 2013. Command Petroleum added 2 cents to 74 cents after reporting a new oil discovery in the Ravva oil field in India. Centaur Mining & Exploration lost 3 cents to A$1.79. The company plans to raise A$136 million from placements at A$1.70 each.
