MARKET TALK: S&P/ASX 200 Down 0.2%; Miners Offset Weakness

22nd Jul 2010 01:46

0046 GMT [Dow Jones] S&P/ASX 200 down 0.2% at 4402.5 after hitting 2-day low of 4393.4 on offshore weakness caused by disappointment with Bernanke's comments. However, weakness is being substantially offset by strength in resources, after surging base metal prices supported resources in offshore trading. Among financials, major banks down 0.5%-1.1%, QBE Insurance (QBE.AU) down 1.0% and Westfield (WDC.AU) down 1.0%. Other heavyweight losers today include Woolworths (WOW.AU), down 0.8%, CSL (CSL.AU), down 1.0%, and News Corp. (NWS.AU) down 1.6%, and Amcor (AMC.AU) down 1.3%. But BHP (BHP.AU) up 0.8%, Rio Tinto (RIO.AU) up 0.9% after LME copper rose 3.3%. Woodside (WPL.AU) up 0.5% despite crude oil falling more than 1.3% on stronger U.S. crude inventories. "I think the Australian share market is going to remain quiet running into reporting season," says UBS head of sales George Kanaan. "Resources were strong in Europe and that's neutralizing the negative impact of Bernanke's comments overnight. There's nothing negative coming out of China and I think the European bank stress tests won't be an issue." ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 21, 2010 20:46 ET (00:46 GMT)