By Oliver Gray
Investing.com - The S&P/ASX 200 was down 119.60 points or 1.68% to 7,019.90 in Tuesday’s mid-morning deals, extending losses for the third consecutive session and trading at fresh 8-month lows amid broad-based losses as lower commodity prices hit miners and oil companies, while heavyweight bankers also struggled.
ASX 200 Futures were flat at 6874.5.
Among stocks, the Energy sector was the biggest laggard on the index, falling 2% after crude oil prices retreated. Woodside Petroleum Ltd (ASX:WPL) lost 1.71%, Santos Ltd (ASX:STO) fell 2.55% and Beach Energy Ltd (ASX:BPT) shed 5.87% after a weak second-quarter production report.
Heavyweight Financial companies dipped with Macquarie Group Ltd (ASX:MQG) down 1.82%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) falling 2.45%, Commonwealth Bank Of Australia (ASX:CBA) down 1.63%, National Australia Bank Ltd (ASX:NAB) falling 2.52% and Westpac Banking Corp (ASX:WBC) losing 2.31%.
Materials were also lower amid falling iron ore prices. Rio Tinto Ltd (ASX:RIO) lost 0.76%, BHP Billiton Ltd (ASX:BHP) fell 0.34%, Fortescue Metals Group Ltd (ASX:FMG) lost 1.61%, Champion Iron Ltd (ASX:CIA) shed 2.01%, Pilbara Minerals Ltd (ASX:PLS) lost 2.16%, Arizona Lithium Ltd (ASX:AZL) fell 6.25%, Avz Minerals Ltd (ASX:AVZ) dropped 3.42%.
Meantime, takeover rumours lifted A2 Milk Company Ltd (ASX:A2M) 8.45% and Zip Co Ltd (ASX:Z1P)3.35%. Codan Ltd (ASX:CDA) also surged 16.57% after forecasting a 21% increase in first half profits.
On the bond markets, Australia 10-Year yields were at 1.927%, while United States 10-Year rates were steady at 1.772%.
Ahead in the session, investors will be closely monitoring quarterly CPI data and NAB business confidence.
In New Zealand, the NZX 50 added 0.13% to 12,207.