Share market falling after 10 days of gains

The Australian share market has lost ground, with traders unnerved by the surprise news that the US economy shrank during the final three months of last year.

After 10 consecutive days of gains, the All Ordinaries index was down 17 points at 4,902 around midday (AEDT).

The ASX 200 index had also fallen 17 points to 4,880.

The losses have been broadly shared.

Rio Tinto had fallen 0.9 per cent, while its rival BHP Billiton had slipped 0.5 per cent.

Fortescue Metals Group also lost around 0.7 per cent.

The major banks were mostly weaker, led by a 1 per cent fall for the NAB.

The airlines fared better, with Qantas up 0.8 per cent.

Virgin Australia gained 0.5 per cent after the Australian Competition and Consumer Commission gave approval for its proposed takeover of regional airline Skywest.

Telstra shares were up 1 cent at $4.60.

The Australian dollar firmed a little against the greenback this morning - it was buying around 104.2 US cents.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9292+0.0005+0.06%
    AUDUSD=X
    0.55350.000.00%
    AUDGBP=X
    0.6722+0.0001+0.02%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg