Innovation

Stocks chase regional leads lower: Afternoon market insights

Myriam Robin /

The markets extended their losses this afternoon, down almost 1% at 2.30pm.

The ASX 200 was 0.95% lower to 4048.7, while the broader All Ordinaries index also lost 0.95% to 4094.3.

Myer shares slid to an all-time low of $1.65 earlier in the day, the lowest its ever traded at since listing in November 2009. Its shares have since recovered somewhat to $1.67.

Resources stocks fell after Fortescue launched a legal challenge to the mining tax. Qantas shares slipped 1.1% to $1.13 after its CEO Alan Joyce warned it could go under if Etihad Airways extended its stake in rival Virgin Australia.

The Australian dollar fell back to parity, buying $US1.0063.

Advertisement
Myriam Robin

Myriam Robin is a reporter for SmartCompany and its sister site LeadingCompany. She has degrees in economics, international studies and journalism. She likes writing about businesses taking risks and doing new things.

We Recommend

FROM AROUND THE WEB