Miners Drag Australian Market Lower

By RTT News, 

(RTTNews.com) - Despite a positive lead from Wall Street, the Australian stock market is trading lower on Monday, hurt by a decline in iron ore prices.

Shares from mining, energy, industrial, financial and information technology sectors are among the notable losers.

The benchmark S&P/ASX 200 index is down 41.7 points or 0.8 percent at 5,437.3. The broader All Ordinaries index is at 5,418.7, down 40.2 points or 0.7 percent from its previous close.

In the banking space, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac (WBK) are down 0.6 to 0.8 percent. Bendigo & Adelaide Bank and Bank of Queensland are down marginally.

Among top miners, BHP Billiton (BHP) is lower by 1.2 percent, Rio Tinto (RIO) is losing about 2 percent and Fortescue Metals is declining 2.8 percent, while Newcrest Mining is down 0.5 percent.

In the energy sector, Woodside Petroleum, Santos, Origin Energy and Caltex Australia are lower by 1.2 to 2 percent, while Oil Search is down nearly a percent.

WorleyParsons is losing about 2.5 percent. Arrium and Bluescope Steel are lower by 2.2 percent and 2 percent, respectively. Leighton Holdings, REA Group, Tabcorp Holdings, Monadelphous Group, Henderson Group, Graincorp and Adelaide Brighton are trading lower by 1.3 to 2 percent.

Elders Limited shares are moving up 4.3 percent after the company narrowed its half-year loss to A$10.2 million.

DuluxGroup is up 1.6 percent following the company reporting an 88 percent rise in first-half profit to A$60 million. Ioof Holdings, up more than 2 percent, is another notable gainer.

In the currency market, the Australian dollar opened higher against the U.S. dollar. In early trades, the local unit was quoting at US$0.9374, up from Friday's close of US$0.9348.

On Wall Street, stocks ended higher on Friday, after showing a lack of direction throughout much of the session amid a mixed batch of economic data.

The major averages ended the day moderately higher, near their highs for the session. The Dow rose 44.5 points or 0.3 percent to 16,491.3, the Nasdaq climbed 21.3 points or 0.5 percent to 4,090.6 and the S&P 500 advanced 7.0 points or 0.4 percent to 1,877.9.

Major European markets ended mixed on Friday. While the German DAX index dipped by 0.3 percent, the French CAC 40 index and the U.K.'s FTSE 100 index moved up by 0.3 percent and 0.2 percent, respectively.

U.S. crude oil ended higher on Friday, helped by a better-than-expected jump in U.S. housing starts. Nonetheless, the gains were checked with an unexpected deterioration in consumer sentiment data. Worries over possible supply disruptions from Russia due to the ongoing conflict in Ukraine and uncertainty about Libyan shipments also supported oil's rise.

Crude oil for June delivery ended up $0.52 or 0.5 percent at $102.02 a barrel on the New York Mercantile Exchange.

For comments and feedback: contact editorial@rttnews.com


This article appears in: Market News Headlines

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