Westpac leads falls as market waits on RBA
The S&P/ASX 200 Index fell 20.6 points, or 0.4 per cent, to 5390.5, while the broader All Ordinaries Index fell 22.3 points, or 0.4 per cent, to 5384.2.
Falling equity markets around Asia in the afternoon did not help the local bourse.
Westpac led the falls, dropping 1.2 per cent to $34.16, despite reporting an 8 per cent rise in annual profit to a record $7.1 billion. However, some analysts were disappointed to see further margin compression.
ANZ fell 0.6 per cent to $33.51, while National Australia Bank fell 0.6 per cent to $35.43. Commonwealth Bank bucked the trend, rising 0.4 per cent to $76.10.
A Bureau of Statistics report showed house prices rose 1.9 per cent in the September quarter, adding to a 2.7 per cent gain the previous quarter.
From a year earlier, prices are up by 7.6 per cent, the biggest annual gain in three years.
Exchange-rate sensitive healthcare stocks were the worst-performing sector as CSL fell 0.9 per cent to $68.14. At the local close, the dollar was buying US94.82¢, up from US94.79¢.
According to the Bureau of Statistics data, September retail sales continued a positive trend, rising 0.8 per cent, much stronger than consensus market expectations for a 0.4 per cent rise.
Retailer Harvey Norman rose 1.2 per cent to $3.27, after reporting a 2.7 per cent increase in September quarter sales to $1.37 billion, exceeding analysts' forecasts of about 2 per cent.
But food and beverage retailers were some of the worst-performing stocks. Woolworths fell 1 per cent to $34.54, while Wesfarmers, owner of Coles, fell 0.3 per cent to $42.84.
Coca-Cola Amatil fell 4.7 per cent to $12.28, after the company said it expects full-year earnings to fall by up to 7 per cent due to declining demand, tougher competition and weaker currencies in Indonesia and Papua New Guinea.
Metals and mining was the best-performing sector on Monday, closing flat, as the big producers got a boost from a 2.6 per cent rise in the spot price for iron ore to $US135.30 per tonne.
On the weekend, China's official non-manufacturing purchasing managers' index for October showed an expansion to 56.3 from 55.4 in September.
BHP Billiton fell 1¢ to $37.52, while Rio Tinto added 0.3 per cent to $63.72. Fortescue Metals Group rose 3.1 per cent to $5.32.
Atlas Iron was the best-performing stock, rising 5.4 per cent to $1.07.
Frequently Asked Questions about this Article…
Westpac shares fell by 1.2% to $34.16 despite reporting an 8% rise in annual profit to a record $7.1 billion. Some analysts were disappointed due to further margin compression, which likely contributed to the decline in share price.
Westpac shares fell by 1.2% to $34.16 despite reporting an 8% rise in annual profit to a record $7.1 billion. Some analysts were disappointed due to further margin compression, which likely contributed to the decline in share price.
The S&P/ASX 200 Index fell 20.6 points, or 0.4%, to 5390.5 ahead of the Reserve Bank's November policy meeting, where the RBA is expected to keep interest rates on hold.
The S&P/ASX 200 Index fell 20.6 points, or 0.4%, to 5390.5 before the Reserve Bank of Australia's November policy meeting, where interest rates were expected to remain on hold.
The healthcare sector was the worst-performing sector, with exchange-rate sensitive stocks like CSL falling 0.9% to $68.14.
The healthcare sector was the worst-performing on the day, with exchange-rate sensitive stocks like CSL falling 0.9% to $68.14.
Retailer Harvey Norman rose 1.2% to $3.27 after reporting a 2.7% increase in September quarter sales to $1.37 billion, exceeding analysts' forecasts of about 2%.
The metals and mining sector was the best-performing sector, closing flat. Big producers benefited from a 2.6% rise in the spot price for iron ore to $US135.30 per tonne.
The metals and mining sector was the best-performing sector, closing flat, as big producers benefited from a 2.6% rise in the spot price for iron ore to $US135.30 per tonne.
According to the Bureau of Statistics, September retail sales rose by 0.8%, which was much stronger than the consensus market expectations of a 0.4% rise.
At the local close, the Australian dollar was buying US94.82¢, up slightly from US94.79¢.
Coca-Cola Amatil's share price fell by 4.7% to $12.28 after the company announced it expects full-year earnings to fall by up to 7% due to declining demand, tougher competition, and weaker currencies in Indonesia and Papua New Guinea.
Coca-Cola Amatil's share price fell 4.7% to $12.28 after the company announced it expects full-year earnings to fall by up to 7% due to declining demand, tougher competition, and weaker currencies in Indonesia and Papua New Guinea.
House prices rose by 1.9% in the September quarter, adding to a 2.7% gain in the previous quarter. From a year earlier, prices are up by 7.6%, marking the biggest annual gain in three years.
House prices rose 1.9% in the September quarter, adding to a 2.7% gain the previous quarter, marking the biggest annual gain in three years at 7.6%. September retail sales continued a positive trend, rising 0.8%, much stronger than the consensus market expectations for a 0.4% rise.
Atlas Iron was the best-performing stock, rising 5.4% to $1.07.
Call 1300 880 160
Start a chat
Schedule a call
