Shares fall on weak commodities

Local shares are losing value, with weaker commodity prices dragging the market down.

The All Ordinaries Index was down 35 points, or 0.75 per cent to 4,855 just before midday (AEDT), and the ASX 200 was 34 points lower at 4,838.

Shares in Arrow Energy have fallen more than 3 per cent, despite an improved takeover offer from Royal Dutch Shell and PetroChina.

BHP Billiton and Rio Tinto were both down around 1.5 per cent shortly after midday.

The big four banks are also under pressure.

ANZ had the biggest losses in the morning, down 0.9 per cent just after midday, while NAB was performing best - it was down only 2 cents at $26.88.

The Australian dollar was also weaker at 91.42 US cents.

More Quotes and Company Information:BHP BILLITON (ASX: BHP.ax)RIO TINTO LIMITED (ASX: RIO.ax)Rio Tinto Limited (NZX: RIO.nz) ... read original article
Mon 22nd March 2010 - 12:17pm