S&P/ASX 200 & Austal Limited sink

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) was down 0.8% at lunchtime, following weak leads from international markets overnight.

What happened overnight:

  • Dow Jones (USA) – down 0.43%
  • NASDAQ (USA): down 1.48%
  • FTSE 100 (UK): down 0.14%
  • DAX (Germany) – down 0.76%
  • EURO STOXX 50 (Europe) – down 0.61%

A rebound in raw material prices overnight appears to have provided some relief for the ASX’s embattled mining stocks, which feature prominently in today’s top movers.

ASX movers:

  1. Arrium Limited (ASX: ARI) – up 6.45%
  2. Independence Group N.L. (ASX: IGO) – up 3.45%
  3. Rio Tinto Limited (ASX: RIO) – up 2.59%
  4. Vita Group Limited (ASX: VTG) – up 12.6%
  5. Ardent Leisure Group (ASX: AAD) – up 3.76%

Austal, the ship maker, was today’s worst performer at mid-day. In Austal’s “progress update” to the ASX, it said the margins from its US shipbuilding will be in the range of 4.5% to 6.5% across the 2016 financial year.

ASX shakers:

  1. Austal Limited (ASX: ASB) – down 30%
  2. Sundance Energy Australia Ltd (ASX: SEA) – down 7%
  3. Atlas Iron Limited (ASX: AGO) – down 5.9%
  4. Slater & Gordon Limited (ASX: SGH) – down 2.9%
  5. National Australia Bank Ltd. (ASX: NAB) – down 2.5%

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Motley Fool contributor Owen Raszkiewicz owns shares of Slater & Gordon.

Owen welcomes your feedback on Google plus (see below), LinkedIn or you can follow him on Twitter @ASXinvest.

 Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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