Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Miners drag Australian shares lower; NZ falls before election results

Published 16/10/2020, 12:22 pm
Updated 16/10/2020, 12:24 pm
© Reuters.

© Reuters.

* Energy stocks weigh on New Zealand's benchmark index

* Rio Tinto (LON:RIO) posts near 5% drop in Q3 iron ore shipments

* Aussie healthcare stocks mark worst intraday in 2 weeks

Oct 16 (Reuters) - Australian shares slipped on Friday as weak iron ore prices pressured heavyweight mining stocks, with waning hopes for additional U.S. fiscal stimulus before the presidential election weighing on market sentiment globally.

The S&P/ASX 200 index .AXJO was down 0.3% to 6,193.40 by 0003 GMT, after settling 0.5% higher in the previous session.

New Zealand's benchmark S&P/NZX 50 index .NZ50 slipped 0.5% ahead of the election results on Saturday.

An opinion poll showed current Prime Minister Jacinda Ardern from the Labour Party is widely expected to beat her main rival, National Party leader Judith Collins, on the back of her success in tackling the novel coronavirus. her campaign, Ardern has vowed to encourage environment-friendly solutions to reduce carbon emissions by phasing out coal-fired boilers as climate change is considered a key issue in the election. retailers Contact Energy Ltd CEN.NZ and Meridian Energy Ltd MEL.NZ were the top losers on the New Zealand index, losing 4.4% and 3.1%, respectively.

In Australia, stocks tracked overnight losses on Wall Street as U.S. President Donald Trump's offer to raise the size of a fiscal stimulus package failed to woo investors, with most believing a deal seemed unlikely before the Nov. 3 election. Australian metals and mining index .AXMM fell 0.3%, weighed down by lower iron ore prices. IRONORE/

Global miner Rio Tinto RIO.AX was down 0.5% after reporting a near 5% drop in third-quarter shipments of the steel-making ingredient. Rival BHP Group Ltd BHP.AX dipped too. stocks .AXHJ gave up 1%, marking their biggest intraday drop in two weeks, with biotech giant CSL Ltd CSL.AX dragging down the sub-index.

Banking stocks .AXFJ were slightly up with the "Big Four" lenders rising between 0.2% and 0.4%.

Auto parts maker GUD Holdings Ltd GUD.AX jumped 4% to a near seven-month, making it one of the top gainers on the benchmark, after Citi upgraded the stock on strong quarterly sales.

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.