Aust stocks fall at noon
The Australian stock market has fallen at noon after Wall Street continued its run of losses as the Australian Bureau of Statistics reported a wider than expected trade deficit and Qantas shares plunged.
At 1205 AEDT, the benchmark S&P/ASX200 index was 0.47% lower at 5,249.1 points, while the broader All Ordinaries index lost 0.43% to 5,245.1 points.
Qantas plunged 14.94% to $1.025 after flagging a first-half loss of up to $300 million and 1000 job cuts, while Telstra fell 0.3% to $5.035.
Materials were mixed, with the major miners in the black.
BHP Billiton added 0.79% to $37.09, while rival Rio Tinto lifted 0.57% to $66.67.
Fortescue Metals rallied 1.24% to $5.70, while Newcrest fell 1.26% to $7.07.
Whitehaven Coal rose 0.86% to $1.765 and Santos lost 1.04% to $14.26.
Oil Search fell 0.12% to $8.30, while Woodside Petroleum lost 0.27% to $37.59.
Financials were mostly weaker.
ANZ lost 0.65% to $31.555 and Commonwealth Bank fell 0.62% to $76.32.
National Australia Bank lost 1.15% to $33.985 and Westpac shed 1.3% to $31.93.
Investment bank Macquarie Group lost 0.48% to $53.245.
In insurance, IAG retreated 1.92% to $5.865, Suncorp lost 2.01% to $12.66 and QBE fell 1.34% to $15.52.
The retail sector was mixed.
Wesfarmers inched up 0.02% to $42.31, while rival Woolworths shed 0.6% to $33.21.
Myer retreated 1.25% to $2.755 and rival David Jones rose 0.52% to $2.905.
Harvey Norman added 0.16% to $3.125, while JB Hi-Fi shed 0.85% to $19.92.
In media, Fairfax Media rallied five% to 63 cents, 21st Century Fox lost one% to $35.80 and News Corp rose 0.36% to $19.30.
Ten Network retreated 3.51% to 27.5 cents, while Seven West retreated 0.93% to $2.13 and Southern Cross Media shed 2.39% to $1.5325.
Mitch Hooke, the retiring chief executive of the Minerals Council of Australia, will speak at a Melbourne Mining Club lunch.
In equities news, Nufarm has its annual general meeting scheduled.
In Australia, the market yesterday finished higher, bringing three days of losses to an end as the big miners fired on all cylinders.
The benchmark S&P/ASX200 index was 17.7 points, or 0.34%, higher at 5,273.8.
The broader All Ordinaries index was up 17.9 points, or 0.34%, at 5,267.5.