KEY POINTS:
S&P/ASX200 -76.0 6100.3 Dow Jones -280.28 13041.85
All Ords -75.9 6101.4 S&P 500 -34.43 1432.36
SPI contract -65.0 6104.0 Nasdaq -60.61 2500.642
Gold $USoz -3.20 663.50 Nikkei -274.66 16012.83
$A/USD -.0147 0.8092 NZSE-50 -16.901 4084.165
MELBOURNE - The Australian sharemarket closed sharply lower today as weakness in United States markets overshadowed local company financial results.
Heavyweight resources and banking stocks fell.
"It (the fall in the Australian market) mainly came from a poor lead from the US which was down substantially," CMC Markets dealer Josh Whiting said.
Local investors were holding off buying at current levels, which suggested they were still feeling cautious.
However, companies that had reported their results and met or exceeded market expectations had rallied despite the bearish sentiment.
At the 1615 AEST close, the benchmark S&P/ASX200 index was down 76 points, or 1.23 percent, at 6100.3, while the all ordinaries lost 75.9 points, or or 1.23 percent, to 6101.4.
On the Sydney Futures Exchange, the September share price index contract reversed 65 points to 6,104, on a volume of 25,985 contracts, according to preliminary calculations.
On Wall Street overnight, the Dow Jones industrial average dropped 280.28 points, or 2.1 percent, to 13,041.85, after Merrill Lynch warned that ailing credit markets would hurt bank profits and reports showing eroding consumer confidence and falling home prices added to concerns about the economy.
Among companies reporting today, packaging company Amcor jumped 33 cents to $7.35 as it said it expected improved earnings this year and had accumulated a $1 billion treasure chest.
Shopping centre developer Westfield Group lost 36 cents to $20.63 as its operating earnings rose more than 7 percent but the sub-prime mortgage problems in the United States hampered sales at the companys US shopping malls.
Explosives maker Dyno Nobels shares surged 34 cents, or 16.59 percent, to $2.39 after fertiliser producer Incitec Pivot built a 13 percent stake and sparked takeover speculation.
Stock Move Price AMP -0.080 10.270 ANZ Bank -0.310 29.000 BHPBilton -0.450 37.060 CBA -0.420 54.200 NAB -0.710 39.290 NewsCorp -0.500 26.300 Rio Tinto -2.210 90.120 TelstraCp -0.010 4.300 WestpacBk -0.250 26.500 Woolwrths +0.050 28.550
- AAP
