Yahoo Finance ASX finishes in the red as Penfolds mulls listing
The benchmark S&P/ASX200 (^AXJO) finished 0.86 per cent lower on Wednesday after fluctuating throughout the day, taking it to 5,206.90 points.
The broader All Ordinaries index (^AORD) also finished lower, down 0.80 per cent at 5,258.80 points.
Treasury Wine Estates (TWE) saw a strong day after flagging a Penfolds spin-off. The company said such a move would create a new ASX50 - 100 company.
"A potential demerger would enhance New TWE's and Penfolds' ability to pursue their own strategic priorities and deliver a stronger long-term growth profile under separate teams and ownership structures," TWE chief executive Michael Clarke told the ASX.
It finished 1.14 per cent higher after an impressive rally in early trade.
What happened today?
The ASX200 repaired some of its early losses by midday, down 0.31 per cent at 12:19pm following a 2.40 per cent decline in the morning led by the major banks.
The All Ordinaries also began edging upwards in midday trade.
What happened this morning?
The ASX200 slid lower on Wednesday morning as the worsening oil price decline continued to wreak havoc on global share markets.
The ASX200 was down 2.40 per cent to 5,126.40 points at 10:18am AEDT.
The All Ordinaries also slid 2.36 per cent to 5,176.00 points.
What happened overnight?
This morning’s slide came after a rough session on Wall Street overnight which saw markets rise briefly at the open before crumbling into the red by the close on the steepening oil price fall.
West Texas Intermediate crude oil was down 10.37 per cent.
IG Markets analyst Kyle Rodda said the lion's share of Wall Street's losses came from the heavily weighted US tech sector, which accounted for half of the market's fall.
On local shores, Westpac is expecting a modest increase of 1.5 per cent in February home loan approvals, ahead of a steep drop through March and April, as the sector moves into a virus-related shutdown.
With AAP.
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