Australian markets off
All Ord's and ASX 200 both fell around 1.5 % to close at 4,874 and 4,793 with the mining and energy sectors hit the most. Woodside was down 1.5 % after reporting a fall in its March quarter production and sales due to higher than normal cyclone activity in northern Western Australia.
Santos slipped 35 cents to $15.26, and Roc Oil slumped to $0.43. The major miners fell substantially on the market jitters caused by the US debt worries, with BHP down 1.7 % to $46.67 and Tinto losing 2.3 % to $82.10. Fortescue down 3.3 % to $6.23, while Oz Minerals fell 3 % to $1.445.
Resource stocks were hit the hardest due to ongoing inflationary issues and the best sector was telco's. Banks fell between 1 % and 1.5 % and retailers also slipped.
Accross the market only 9 stocks gained out of the top 200, the Aussie was also trading lower at 104.55
