By Oliver Gray
Investing.com - The S&P/ASX 200 dipped 41.4 points or 0.55% to 7485.7 on Thursday, extending losses of 0.1% in the previous session as mining stocks fell after iron ore prices retreated overnight, while many companies were lower as they began trading ex-dividend.
On the coronavirus front, New South Wales added a near record 1288 fresh cases as health authorities eased exercise restrictions with the state moving rapidly towards its 80% vaccination target. Meantime, Victoria tallied 176 fresh cases, the highest daily count in a year, with 93 infection unlinked to existing outbreaks as Premier Daniel Andrews extended lockdown restrictions for another 3 weeks when the nationally agreed vaccination thresholds are reached.
Among stocks, weaker Iron ore prices, with Rio Tinto Ltd (ASX:RIO) and Evolution Mining falling 0.7% and 2.75%, respectively. BHP Group Ltd (SA:BHPG34) also dropped 6.82%, posting its biggest daily decline since May 1, 2020 as the company began trading ex-dividend. Similarly, Woolworths Ltd (ASX:WOW) dropped 1.48% and CSL Ltd (ASX:CSL) lost 1.65%.
Among data, Australia’s trade balance surged to a fresh record surplus, with exports increasing 4.8% due largely to exports of iron ore, while imports lifted 3.3%. Traders will also be looking ahead to key U.S. nonfarm payrolls data due Friday for clues on the timeline for the Federal Reserve’s proposed taper after the ADP employment change report showed companies added jobs at a slower pace than expected.
In New Zealand, the NZX 50 added 36.98 points or 0.28% to 13280.47.