🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Australian shares snap 3-day winning streak on mining, energy losses

Published 17/03/2021, 11:31 am
© Reuters.
US500
-
DJI
-
AXJO
-
BHP
-
RIO
-
NCM
-
RIO
-
STO
-
WDS
-
HG
-
AXGD
-
AXMM
-
AXEJ
-
NZ50
-

* S&P 500 and Dow Jones Industrial Average fall overnight

* Investors eye the outcome of the U.S. Federal Reserve's meeting

* Energy stocks fall as oil prices slump

By Soumyajit Saha

March 17 (Reuters) - Australian shares opened lower on Wednesday after gaining for the past three sessions, as energy and mining stocks fell, and as Wall Street slid ahead of the outcome of the U.S. Federal Reserve's policy meeting later in the day.

The S&P/ASX 200 index .AXJO slipped 0.36% to 6,827.1 by 2330 GMT.

The S&P 500 and the Dow Jones Industrial Average fell overnight as investors looked to the results of the U.S. central bank's meeting amid fears about an overheating economy, although no major policy change is expected. .N individual sectors and stocks, miners .AXMM fell 1.2% as copper prices slumped after investors shed some bullish positions due to uncertainty ahead of central bank meetings. MET/L

Global miners BHP Group BHP.AX and Rio Tinto (LON:RIO) RIO.AX were down 1.1% and 1.3%, respectively.

Energy stocks .AXEJ also declined as oil prices fell after some European countries halted the use of a major coronavirus vaccine, threatening the recovery of fuel demand. O/R

Oil & gas explorers Woodside Petroleum WPL.AX and Santos Ltd STO.AX were down 0.6% and 0.5%, respectively.

Gold stocks .AXGD snapped two straight sessions of gains to fall 1.5% as prices of the yellow metal weakened against a stronger dollar, with top gold miner Newcrest Mining NCM.AX down 1.3%. GOL/

The number of issues on the ASX that advanced were 506 while 600 declined.

New Zealand's benchmark S&P/NZX 50 index .NZ50 was unchanged in early trade, as gains among utility and energy stocks were offset by losses among financials.

Dairy exporter Fonterra on Wednesday reported a 43% surge in adjusted profit and said it would sell its joint venture farms in China. The company's stock was 0.2% lower.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.