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Australia shares end lower on falling materials, energy; NZ down for a second

Published 13/04/2017, 05:00 pm
© Reuters.  Australia shares end lower on falling materials, energy; NZ down for a second
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April 13 (Reuters) - Australian shares ended the last session of the week lower, as materials and energy stocks fell because concerns about rising inventories and a possible glut.

Globally, geopolitical tensions and President Donald Trump's comment that the dollar "was getting too strong," and expressed preference for low interest rates made investors jittery and weakened the greenback. .N FRX/ MKTS/GLOB

The S&P/ASX 200 index .AXJO was down 0.8 percent, or 45.358 points, to 5,888.6 at the close of trade. On the week, the index gained 0.4 percent.

Miners in the region fell on overnight losses in Chinese steel and iron ore futures which fell to their lowest prices in months as market sentiment turned bearish on the demand outlook. IRONORE/

Iron ore on the Dalian Commodity Exchange DCIOcv1 was down 0.6 percent at 0628 GMT.

BHP Billiton (LON:BLT) BHP.AX lost 4 percent in its third straight losing day, while shares in Fortescue Metals FMG.AX declined 6.8 percent in its sixth straight falling day, hitting its lowest in five months. Metals FMG.AX said it sees iron ore prices continuing to fall to between $60 and $65 a tonne as imports to China continue to rise, even after it reported a 6 percent fall in third-quarter shipments on Thursday. of the miner were down 6.8 percent, hitting their lowest in more than 5 months.

Energy stocks lost as crude oil futures slid for a second session on Thursday, on rising U.S. production stoking worries about global oversupply. O/R

Woodside Petroleum WPL.AX lost 2.1 percent, its steepest intraday loss in more than two months.

Whitehaven Coal WHC.AX ended the session 6.9 percent lower after reporting a 11 percent decline in quarterly coal sales. data showing that employment in March rose by 60,900 in Australia, beating expectations, also failed to cheer the market. Zealand's benchmark S&P/NZX 50 index .NZ50 ended 0.3 percent, or 21.74 points, lower at 7,229.8, adding to the 0.2 percent weekly loss.

Utility companies Meridian Energy MEL.NZ and Contact Energy CEN.NZ lost over 1 percent, while poultry products distributor Tegel Group TGH.NZ led the losses, shedding 2.5 percent.

The Australia and New Zealand markets will be closed on April 14 for Good Friday.

(Rreporting by Susan Mathew in Bengaluru)

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