Aaron Bunch Journalist with Australian Associated Press | Collection of published work | + 61 484 008 119 | abunch@aap.com.au

Aaron Bunch
ASX down on finance sector probe

Australian shares have recouped some of their morning losses but are still lower following the announcement of royal commission into the financial sector.

November 30, 2017

The Australian share market has rallied off morning lows but remains lower following the announcement of a royal commission into the financial sector. 

The benchmark S&P/ASX200 index was down 33 points, or 0.55 per cent, at 5,978 points at 1200 AEDT on Thursday.

Banking stocks fell after Prime Minister Malcolm Turnbull announcement a royal commission into misconduct in the nation’s financial sector.

Commonwealth Bank led the losses, down 2 per cent at $79.44, while Westpac was 0.46 per cent lower at $31.33, National Australia Bank dropped to 0.39 per cent to $29.46 and ANZ fell to 0.78 per cent to $28.54.

CBA’s fall was the biggest since it tumbled 3.87 per cent on August 4, the day after AUSTRAC launched Federal Court proceedings over allegations it had breached laws combating money laundering and terrorism financing.

Falls in the prices of metals and oil sent energy and mining stocks lower. 

Santos was down 1.3 per cent, Oil Search was 0.64 per cent lower and Woodside Petroleum declined 0.16 per cent.

Among the major miners, Rio Tinto lost 1.3 per cent and BHP Billiton fell 0.8 per cent. 

In company news, Oroton shares have been suspended after the 79-year-old luxury handbag retailer went into voluntary administration after failing to find a buyer. The company last traded at 43.5 cents. 

Aristocrat Leisure fell 4.2 per cent, to $21.6, after saying it’s full-year profit had jumped 41.3 per cent thanks to strong growth in its Americas business.

But oil and gas group AWE jumped almost 20 per cent, to 65 cents, on news it had received a $430 million takeover bid from a Chinese state-owned energy corporation.

Meanwhile, the Australian dollar has recouped some of its overnight loss but remains down against a stronger greenback.

The local currency was trading at 75.74 US cents at 1200 AEDT on Thursday, from 75.88 on Wednesday.

ON THE ASX AT 1200 AEDT:

* The benchmark S&P/ASX200 was down 33.1 points, or 0.55 per cent, at 5,978 points

* The broader All Ordinaries index was down 32.4 points, or 0.53 per cent, at 6,063.7 points

* The SPI200 futures contract was down 31 points, or 0.52 per cent, at 5,988 points

* National turnover was 1.93 billion securities traded worth $2.36 billion

CURRENCY SNAPSHOT AT 1200 AEDT:

One Australian dollar buys:

* 75.76 US cents, from 75.88 on Wednesday

* 84.84 Japanese yen, from 84.66 yen

* 63.91 euro cents, from 64.03 euro cents

* 56.47 British pence, from 56.78 pence

* 110.64 NZ cents, from 110.05 cents

GOLD:

The spot price of gold in Sydney at 1200 AEDT was $US1,284.61 per fine ounce, from $US1,295.05 per fine ounce on Wednesday.

BOND SNAPSHOT AT 1200 AEDT:

* CGS 4.50 per cent April 2020, 1.8113pct, from 1.7831pct

* CGS 4.75pct April 2027, 2.4679pct, from 2.4287pct

Sydney Futures Exchange prices:

* December 2017 10-year bond futures contract at 97.470 (implying a yield of 2.530pct), from 97.515 (implying a yield of 2.485pct) on Wednesday

* December 2017 3-year bond futures contract at 98.07 (1.93pct), from 98.11 (1.89pct).

(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session)

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