The Australian share market has retreated for a fifth straight day as softening commodity prices weigh on the big miners and ANZ's profit surge failed to help the banking sector.
At lunchtime the ASX 200 was down 31 points or 0.66% at 4791 after hitting its lowest level since March 16. Most sectors traded lower, with the heaviest falls in metals & mining -1.1%, financials -1.1% and materials -0.9%. Consumer staples was the pick of the sectors, up 0.4%.
ANZ's first-half profit jumped 36% as bad debts receded but investors were unimpressed, sending the bank's shares down more than 2% in recent trade. Analysts said the rebound was fuelled by falling provisions rather than improved performance.
Asian markets were mixed. Shanghai was ahead 0.16% and Hong Kong's Hang Seng down 0.24%. Singapore and Kuala Lumpur also eked out small gains. Japan's Nikkei was closed for a public holiday. Dow futures were recently at -9.
Crude oil futures fell 33 cents this morning to $83.09 a barrel. The spot gold price was $1.50 weaker at $1,165.10 an ounce.
A poor morning here for our index and also this trader. I'm up to my armpits in PVE and preparing to take a nasty loss unless there's a significant turnaround. Done okay elsewhere - bounces in GRR, BKN, BTA and most recently CDU.
