Aust stocks close lower
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The Australian stock market closed lower today after official data showed demand for home loans increased slightly more than expected.
At the 1615 AEDT official market close, the benchmark S&P/ASX200 index fell 0.38% to 5,292.1 points, while the broader All Ordinaries index lost 0.37% at 5,296.8 points.
IG Chief Market Strategist Chris Weston noted broker analysis showing 25 per cent of ASX-listed firms have downside risks.
"So as long the variables that factor into these earnings models are correct, then we have a quarter of the market, including banks (Commonwealth Bank of Australia for example) which value investors won’t feel are ‘worth’ paying up for over the next twelve months," Mr Weston said.
"There are even nine companies where the consensus price targets are 10% lower than current levels."
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