Friday, June 22, 2012

Australia shares fall 1.04% at noon

Australian shares fell more than one per cent at noon after steep falls on Wall Street and European markets as well as tumbling resources stocks locally.

At 1200 AEST on Friday, the benchmark S&P/ASX200 index was down 42.5 points, or 1.04 per cent, at 4,045.1, while the broader All Ordinaries index was also down 43.3 point, or 1.05 per cent, at 4,090.4.

On the ASX 24, the September share price index futures contract was down 54 points at 4,005 with 16,510 contracts traded.

RBS Morgan's private client adviser, Bill Bishop, said the domestic market had followed the steep falls on offshore markets.

"Most of the things that you would expect to frighten the market in America, frightened the market in America such as the GDP numbers and the general disquiet with what's happening in Europe," he said. Read More