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Australia Market falls 0.2%

Capital Market 

The Australian share market closed slight lower on Monday, 13 May 2019, as disappointing earnings from the country's biggest Commonwealth of weighed on financials, although losses were offset by gains in and gold stocks. At closing bell, the benchmark S&P/ASX200 index fell 13.26 points, or 0.21%, at 6,297.59 points, while the broader All Ordinaries dropped 11.83 points, or 0.19%, at 6,381.30.

Risk sentiments remain subdued amid fears of an escalating and destructive trade war after talks in last week between the administration and a Chinese delegation ended without a resolution and the US followed through with its threat to increase the tariffs on US$200 billion of China's exports.

Financial stocks closed steep down, with Commonwealth of leading losses, down 2.5%, after announcing its third-quarter cash profit and announcement of a further A$714 million in provisions to compensate customers for being overcharged or wrongly billed for services not provided. and New Zealand Banking Group fell 3.9% while shed 3.6%, as shares of both banks traded ex-

Shares of added 8.7% to A$13.85, on rumor of a takeover by Japanese giant Mitsui, but has denied this and said it is not engaged in any deliberations in regard to a takeover of

Shares in fell to four-year lows of A$3.57 after the company warned that its profits for 2019 could be upto 15% lower than the previous year, citing weaker demand in residential construction and fierce competition as reasons for the forecast downgrade.

Shares of (RWC) tumbled 15.4% as the plumbing supply firm revises its FY19 earnings (EBITDA) guidance to a range between A$260 million and A$270 million, lower by A$20 million than its previous guidance.

ECONOMIC NEWS: The housing for March has fallen by 2.8% for the month compare to estimates of a 0.5% decline.

Investment home loan values fell by 2.7% while owner-occupied loans fell by 3.4% as the national housing market continues to cool.

NEWS: The Australian declined against the U. S. on Monday, hit by the US-trade worries. The Australian was quoted at 69.86 US cents, having been as high as 70.08 US cents during late US trade.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 13 2019. 15:26 IST
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