Sell-off drives shares down 3pc

Sell-off drives shares down 3pc

23.06.2009
THE benchmark S&P/ASX200 index was 121.3 points, or 3.1 per cent lower at 3796.9, while the broader All Ordinaries fell 117.8 points, or 3.01 per cent, to 3793.

Today`s fall was across the board and the biggest one-day drop in percentage and points terms since May 14.

Both major indices closed at their lowest level since May 28.

The drop followed Wall Street`s biggest loss in two months on a bleaker than expected forecast for the global economy by the World Bank.

Resource stocks were among the hardest hit, amid falling commodity prices.

Shares in BHP Billiton finished down $1.45, or 4.11 per cent, to $33.80 and Rio Tinto was $1.39, or 2.78 per cent, weaker at $48.61.

Shaw Stockbroking head of research Tim Buckley said a downgrading in the World Bank`s outlook for global growth this year played a part in spooking investors.

"There was not any obvious catalyst to trigger this other than the World Bank revising downward its growth numbers," Mr Buckley said.

He said the market did not typically take its lead from GDP revisions, but said that coupled with commodity price falls, some investors now feared the recovery may not be as smooth as was thought two weeks ago.

"Markets have a herd mentality and confidence have taken a bit of a hit," Mr Buckley said.

"Stocks have been sold off quite aggressively pretty well across the board. Almost every stock of substance is down today," he said.

On the Sydney Futures Exchange at 1610 AEST, the September share price index contract was down 128 points at 3761 points on a volume of 27,788 contracts.

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A nightmare build-up was bad enough, but nothing compared to the suffering that awaited New South Wales at Suncorp Stadium.

When the dust settled on a spiteful clash, Queensland had staked their claim as Origin`s greatest by sealing a record fifth straight Origin series with a 34-6 victory.

But more pain is expected for fiery NSW backrower Luke O`Donnell.

The Maroons faithful in the 52,452-strong crowd went into party mode as Queensland continued their golden run - a 10-4 win-loss record since their winning streak began in 2006.

Only Queensland`s 13-3 record from 1922-26 is better.

It was going to take something special to take the focus away from the Andrew Johns racial row that had marred NSW`s shocking countdown to Origin II - but it became a subplot after O`Donnell`s brain explosion.

The Cowboys enforcer was considered lucky not to be sent off in the 26th minute when the match erupted following his ugly spear tackle on Maroons winger Darius Boyd.

He was placed on report - but that may be the least of his worries.

After O`Donnell`s shocking tackle sparked an all-in, the fired-up North Queensland forward could be seen headbutting David Taylor as the Queenslander was restrained by NSW`s Joel Monaghan.

While O`Donnell appeared to come off second best in the end after Sam Thaiday had finished with him, the Cowboys backrower looks set to have an even bigger headache when he appears before the judiciary considering his NRL rap sheet.

Not much had gone right for NSW in the countdown to arguably their most important clash in Origin`s 30-year history.

And the trend certainly continued from the kick-off.

Days after Johns` now infamous racial slurs rocked the countdown to Origin II, the question remained: ``How would the Maroons` indigenous stars respond?``

The fired-up Suncorp Stadium crowd didn`t have to wait long for the answer.

In the third minute a pumped Greg Inglis - the focus of Johns` rant that cost him his NSW assistant-coaching gig - had dragged two defenders over to score.

By the 12th, Israel Folau - another reportedly in Johns` sights on last week`s Blues bonding night - had latched onto a floating Willie Tonga pass and crossed with one of his first touches of the game to make it 10-0.

Asked how the Johns saga had affected him, Inglis told Channel Nine: ``It showed in my game tonight.

"I was pretty upset about it, and it`s pretty disappointing."

Cameron Smith gave NSW a sniff when he inexplicably kicked the ball out on the full not once but twice.

Yet by halftime Queensland had crossed again through Darius Boyd (35th minute) to make it 16-0.

It could have been worse. Billy Slater`s 31st minute effort was called back due to a dubious forward pass ruling.

It was more of the same in the second half as Queensland kept scoring, and players kept biffing.

The niggling act between Inglis and NSW centre Beau Scott boiled over in the 57th minute when the pair went toe to toe.

But there was no stopping the Maroons juggernaut as they blew out to a 34-0 lead through Tonga (44th), Folau (48th) and Cooper Cronk (62nd).

After Brett Morris was called back in the 74th minute for off-side, NSW finally got on the board through prop Brett White in the final minute, ensuring Queensland did not seal a record-breaking victory over the Blues.

It was the only solace for a badly beaten Blues outfit on Wednesday night.

In another headache for NSW, Paul Gallen was placed on report for a 23rd minute high shot on Nate Myles.

"I told you I was going to get him back," Gallen could be heard saying on the referee`s microphone.

AAP

Maroons embarrass woeful Blues   06/16/2010
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