The Australian market finished lower on Tuesday, despite larger than average volumes and a big boost to the energy sector.

stock market
stock market

At the close of trade, the S&P/ASX 200 index was down 12.00 points or 0.21 percent at 5,712.20, while the broader All Ordinaries index slipped 12.80 points or 0.22 percent at 5,761.00.

“Although there has been little change at the index level there has been a lot going on beneath the surface,” CMC chief market strategist, Michael McCarthy told Xinhua.

“There is evidence to suggest they didn’t hold off and although we are down 12 points at the moment the difference between the sectors is very significant.”

“We’ve got energy and utilities strongly in positive territory today after oil prices firmed overnight, but on the flip side material were down by almost one percent.”

As the market anticipates President Donald Trump’s first address to Congress tomorrow, investors seem cautious of buying, but prepared if things turn out positively.

“Perhaps people took this window after reporting season and before a potentially market changing event to reshape their portfolio,” McCarthy said.

The Commonwealth Bank was up at 0.10 percent, National Australia Bank edged higher at 0.03 percent, Westpac slid 0.33 percent and ANZ added 0.06 percent.

BHP Billiton was up 0.04 percent, Rio Tinto fell 0.80 percent, Fortescue Metals dropped 0.45 percent, while Newcrest plummeted 4.03 percent.

Woodside Petroleum slipped 0.38 percent, Santos climbed 1.33 percent and Oil Search dropped 0.85 percent.

Wesfarmers lifted 0.22 percent and Woolworths fell 1.64 percent.

Telstra was flat at 0.00 percent, Qantas added 1.35 percent and CSL finished lower at 0.06 percent. Enditem

Source: Xinhua/NewsGhana.com.gh

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