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ASX 200 Finishes 1% Lower, Oil Spike Boosts Energy

Published 07/03/2022, 04:34 pm
Updated 07/03/2022, 04:41 pm
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By Oliver Gray 

Investing.com - The S&P/ASX 200 fell 72.20 points or 1.02% to 7,038.60 during Monday’s deals, retreating from a 1.6% advance in the previous week as U.S. lawmakers considered further isolating Russia from the global economy, including banning the import of its oil and energy products which sent Brent Crude to fresh 13-year highs.

Energy companies added 5.25% collectively as Woodside Petroleum Ltd (ASX:WPL) added 9.52%, Santos Ltd (ASX:STO) gained 5.28%, Beach Energy Ltd (ASX:BPT) lifted 6.31% while Viva Energy Group Ltd (ASX:VEA) lost 2.43%.

The Materials sector ended 0.95% higher, with Rio Tinto Ltd (ASX:RIO) down 0.46%, BHP Billiton Ltd (ASX:BHP) up 0.88%, Fortescue Metals Group Ltd (ASX:FMG) gaining 1.77%, while Gold miners finished with strong gains as the precious metal continues to march higher. St Barbara Ltd (ASX:SBM) added 4.41%, Gold Road Resources Ltd (ASX:GOR) gained 6.6%, Northern Star Resources Ltd (ASX:NST) added 6.13%, Perseus Mining Ltd (ASX:PRU) advanced 4.67% and Evolution Mining Ltd (ASX:EVN) added 4.52%.

Financials lost 1.59% collectively as Commonwealth Bank Of Australia (ASX:CBA) ticked 0.04% higher, Macquarie Group Ltd (ASX:MQG) lost 2.74%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) fell 1.19%, National Australia Bank Ltd (ASX:NAB) declined 1.56% and Westpac Banking Corp (ASX:WBC) fell 1.98%.

On the bond markets, Australia 10-Year yields were at 2.131% while United States 10-Year rates were at 1.707%.

In New Zealand, the NZX 50 shed 1.88% to 11,913.

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