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Australia shares falter on weak oil; NZ also down

Published 09/03/2017, 05:26 pm
Updated 09/03/2017, 05:30 pm
© Reuters.  Australia shares falter on weak oil; NZ also down
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(Updates to close)

By Aparajita Saxena

March 9 (Reuters) - Australian share markets slipped on Thursday for a second day, dragged by materials, after losses in overnight oil prices sparked a heavy sell-off in the energy sector.

The S&P/ASX 200 index .AXJO fell 18.45 points or 0.32 percent to 5,741.2 at the close of trade.

Oil prices dived 5 percent to their lowest this year on Wednesday, as U.S. crude inventories surged much more than expected to a record high, stoking concerns a global glut could persist even as OPEC tries to prop up prices with output curbs. recovered marginally in Asian trading, but failed to appease investors. The energy index .AXEJ tumbled to a 3 month low, with oil majors Woodside Petroleum WPL.AX , Santos STO.AX and Beach Energy BPT.AX leading losses.

BHP Billiton (LON:BLT) BHP.AX recoiled 5.03 percent and fell to its lowest in three months after its shares started trading ex-dividend.

Weak copper prices on Wednesday further capped gains in BHP Billiton and Rio Tinto (LON:RIO) RIO.AX , which fell 2.04 percent. financial sector was the sole gainer in Australia, with all of the "Big Four" banks in positive territory.

New Zealand's benchmark S&P/NZX 50 index .NZ50 slipped 0.52 percent or 37.2 points to finish the session at 7,140.9, hurt by materials.

Fletcher Building FBU.NZ slipped 3.36 percent.

Exchange operator NZX Ltd NZX.NZ fell 4.5 percent, snapping the previous session's gains.

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