Australian shares retreat on profit-taking, though BHP hits record high |
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Mon, 15 Oct 2007 07:37
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SYDNEY (Thomson Financial) - Australian shares closed lower Monday as investors locked in gains after pushing the key market indices to fresh record highs in morning trade, though index leader BHP Billiton managed a modest gain to close at new all-time high.'People weren't looking to buy. They were really looking to take some profits after a strong run which has largely been on offshore buying,' said Rick Klusman, head of institutional trading at Aequs Securities.The S&P/ASX 200 closed down 9.9 points or 0.2 percent at 6,739.0, after reaching a record 6,800.2 earlier. Its low for the day was 6,713.4.The All Ordinaries closed down 8.5 points or 0.1 percent at 6,751.6 after hitting a record 6,809.3 earlier in the session.Klusman said overseas buying support for BHP Billiton and Rio Tinto on expectations of solid earnings growth fuelled by expected hikes in iron ore and coal prices pushed both stocks to fresh record levels.BHP Billiton ended up 30 Australian cents or 0.7 percent at a record close of 46.50 dollars, while Rio Tinto rose 1.51 dollars or 1.4 percent to a record close of 113.21 dollars.Volume traded was a relatively light 1.69 billion shares worth about 5.05 billion dollars.Decliners outstripped gainers 688 to 624, with 350 stocks unchanged.The S&P/ASX 200 December futures contract was down 8 points at 6,788.The yield on the 10-year bond was up 0.01 of a percentage point at 6.2625 percent, while the yield on 90-day bills rose 0.062 of a percentage point to 6.920 percent.(1 US dollar = 1.11 Australian dollars)bruce.hextall@thomson.com.bhx/jm/ngCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Australian shares outlook - Slightly lower on profit taking after record highs 