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Market falls back after early gains

Posted December 4, 2008 13:21:00

Early gains on the Australian sharemarket have eased, with strength among the banks outweighed by declines in other sectors.

Just before 1:00pm AEDT the All Ordinaries index was up 0.5 per cent at 3,496, after climbing nearly 2 per cent in early trade.

The ASX 200 had added 29 points to 3,562.

National Australia Bank shares were 4 per cent higher but Rio Tinto shares lost nearly 10 per cent in value.

The Australian dollar was trading at 64.9 US cents.

Tags: business-economics-and-finance, finance-markets, stockmarket, currency-markets, australia