Aust share market closes weaker on falls in News Corp =2 Sydney
Rupert Murdoch's News Corp was 34 cents lower at $10.89 while its preferred share castoff 36 cents to $8.91.
Other media stocks were also lower with PBL losing 11 cents to $8.44 and Fairfax givingup four cents to $2.87.
Telco giant Telstra fell five cents to $4.12 while Optus parent SingTel gave up threecents to $1.33.
The banking sector also weighed on the local bourse with National Australia Bank down16 cents at $32.09, ANZ losing four cents to $18.36 and Commonwealth Bank shedding 31cents to $26.62.
Westpac went against the trend, pushing five cents firmer to $15.63.
Financial services giant AMP ended the day one cent stronger at $8.01.
"AMP have been so poorly performing that they have to get some support from somewherebut the UK market was down last night so it is not surprising that they went down to startwith," Mr Crawford said.
"But they (AMP) have fought their way back and they are on their highs for the dayso maybe the worst is over for them."
Major resources stocks were lower with BHP Billiton losing 13 cents to $9.45 and RioTinto tumbling 50 cents to $32.00.
Woodside Petroleum fell 14 cents to $11.48 as the market continued to weigh up thepossibility of major shareholder Royal/Dutch Shell making a third attempt to secure controlof the company.
In Sydney at 1436 AEST, the spot price of gold was up $US2.05 at $US326.35 per fine ounce.
The gold sector was generally stronger. Newmont was up four cents at $4.34, Newcrestgained 19 cents to $6.75, Sons of Gwalia lifted five cents to $1.73 while Lihir Gold lostone cent to $1.26.
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KEYWORD: AUST STOCKS CLOSE 2 SYDNEY
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