Yesterday the Australian shares closed lower. The benchmark S&P/ASX200 index ended 52.4 points, or 1.4%, lower at 3683.3, while the broader All Ordinaries shed 56.4 points, or 1.53%, to 3624.0. The market is pessimistic about the company earnings ahead both in Australia and abroad as investors get prepared for the news that would bring some unpleasant surprises.
On Thursday, the Australian sharemarket closed more than four per cent weaker, dropping almost to five-year lows, with losses in all sectors. The benchmark S&P/ASX200 index was down 146.7 points, or 4.19 per cent, at 3,352.9 while the broader All Ordinaries index had shed 150.6 points, or 4.32 per cent, to 3332.6. Analysts predict the bottom is getting closer and lower than 3000 points is possible as market would be dragged down by the US and growing concerns on recession in Australia.
The Australian share market closed firmly in the black on last Friday, driven by a resurgent resources sector after the commodities index posted its biggest weekly gain in 33 years. US stocks rose on Friday as financial stocks gained and a plunge in oil prices soothed worries about inflation and consumer spending.