Australian share market flat despite leadership overhaul

Canberra, Sep 15 (IANS) New Australian Prime Minister Malcolm Turnbull failed to inspire an uptick in the Australian share market on Tuesday.

The benchmark S&P/ASX200 was down 41.4 points (0.81 percent) to 5,055.1 points, while the broader All Ordinaries fell 40.5 points (0.79 percent) to 5,080 points at noon (local time), Xinhua news agency reported.

Turnbull’s rise appeared a relative factor among business groups focused on a possible US interest rate hike in nearly a decade.

“There is about zero market impact from Turnbull,” local economist Stephen Koukoulas said.

Energy stocks weighed heavily on the local market, as Woodside Petroleum gave up 0.65 percent, while Oil Search fell 2.8 percent.

Materials also dropped, with BHP Billiton falling 0.42 percent, and Rio Tinto slipping 0.85 percent.

The National Australia Bank lost 1.54 percent and Westpac gave up 1.55 percent.

Consumer staples were sluggish. Wesfarmers slipped 0.31 percent while Woolworths slipped 0.12 percent.

Qantas rose 1.53 percent and Telstra dropped 0.09 percent.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here