n office worker walks past an Australian Securities Exchange (ASX) window showing the main losses for the day in central Sydney July 23, 2012. Australian shares slumped 1.7 percent on Monday, the biggest one-day fall in seven weeks, as investors fled from
n office worker walks past an Australian Securities Exchange (ASX) window showing the main losses for the day in central Sydney July 23, 2012. Australian shares slumped 1.7 percent on Monday, the biggest one-day fall in seven weeks, as investors fled from riskier assets such as equities on renewed fears that Spain may be unable to dodge a costly bailout. Reuters

 The Australian sharemarket has finished the session weaker for a fifth straight day. The All Ords (XAO) slipped 0.2 percent to 5,292, while the S&P/ASX 200 (XJO) fell 0.2 percent to 5,304. Eight out of 10 sectors were lower, led by Utilities, which lost 1.5 percent. The S&P/ASX 200 has fallen 2.7 percent this week on heavy selling in the materials and energy sectors.

 Today though, the Energy Sector recovered some of this week's losses, after the price of oil improved overnight for the first time in four sessions. Woodside Petroleum (WPL) shares climbed 1 percent to $38.85, while Oil Search (OSH) jumped 4.7 percent to $8.57.

 The Materials Sector was not able to hang on to earlier gains, closing down 0.2 per cent. BHP Billiton (BHP) slipped 0.3 percent to $31.70, while Rio Tinto (RIO) was unchanged at $56.41. Fortescue Metals (FMG) shares though bucked the trend, climbing 1.9 percent to $2.69.

 Banking stocks were generally weaker. Westpac Bank (WBC) lost 0.9 percent to $32.25, while the Commonwealth Bank of Australia (CBA) eased by 0.3 percent to $80.09. However, shares in the National Australia Bank (NAB) gaining 0.5 percent to $32.27. The bank's US subsidiary, Great Western Bancorp lifted its full-year net profit nine percent, on the back of cost-cutting and fewer bad debts.

 Myer (MYR) - which held its AGM today - closed up 0.3 percent to $1.69. The department store operator's Chairman Paul McClintock told shareholders that "retailers are facing increased competition at home and abroad, as consumers look for value and newness in products and services."

 Billabong (BBG) shares rallied 3.9 percent to $0.67 after the surf wear retailer reported US sales growth of 14 percent in the first quarter. Billabong says it has had a slow first quarter in Australia; however, its results will depend on trade in the lead up to Christmas and during the Boxing Day sales period.

 The Australian dollar is stronger against the Greenback, fetching 86.43 US Cents.

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