The Australian share market was unable to ride on Wall Street's coattails today, finishing lower for yet another session, and losing 1.6% over the course of the week. That's reduced the yearly gains for the All Ordinaries Index (XAO) to just over 5%. It was the fourth consecutive week the Australian share market finished in the red.
A trader smiles as he works on the floor of the New York Stock Exchange after the closing bell in New York November 11, 2011.
The Federal Government made changes to superannuation today. The changes to superannuation arrangements will generate $900 million over the forward estimates to 2015/16 (0.2 per cent of annual receipts) and Federal Treasury estimates that the main measure affecting earnings from superannuation assets will affect just 0.4 per cent of retirees in 2014/15.
On the market, financial stocks were the worst performers with the sector lower by 1%.
Mining stocks rebounded after some sharp selling earlier in the week, with shares in gold miner Newcrest Mining (NCM) up 1.7% to $18.80. Index leader BHP Billiton (BHP) firmed by 1.5% to $32.24 and Rio Tinto (RIO) was up 1.8% to $55.60.
Retail stocks were generally firmer, with the exception of David Jones (DJS) which was trading without rights to its dividend. DJS fell 9c to $2.91 while Kathmandu (KMD) was firmer by 3.1% to $2 and JB Hi-Fi (JBH) rose 2% to $15.24.
On the market overall, a total of 1.6 billion shares were traded, worth $5 billion. 467 were up, 456 were down and 362 were unchanged.
At 4.30pm AEDT the SFE 200 Futures Index was at 4894, down 18pts.
Ahead tonight the non-farm payrolls (employment data) is released in the US.
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