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Aussie shares weaken, Rio Tinto drops 4.8 pct; NZ set to snap winning streak

Published 01/03/2018, 12:49 pm
Updated 01/03/2018, 12:50 pm
© Reuters.  Aussie shares weaken, Rio Tinto drops 4.8 pct; NZ set to snap winning streak
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By Susan Mathew

March 1 (Reuters) - Mining giant Rio Tinto (LON:RIO) RIO.AX was atthe forefront of declines in Australian shares on Thursday,dropping up to 4.8 percent as it traded ex-dividend, while thebroader market shivered due to expectations for rising U.S.interest rates

The S&P/ASX 200 index .AXJO eased 0.9 percent, or 55.2points, to 5,960.8 by 0142 GMT. The benchmark closed Wednesdaydown 0.7 percent.

Wall Street exerted a bearish influence, having fallen for asecond day after comments from the new Federal Reserve chiefJerome Powell hardened expectations for up to four U.S. ratehikes this year.

Trading ex-dividend on the day, Rio Tinto's drop was itssteepest intraday percentage loss in over ten months. BHP BHP.AX lost 1.2 percent.

Iron ore on the Dalian Commodity Exchange DCIOcv1 dropped0.55 percent to 543 yuan a tonne on Wednesday, while copper sankto its lowest in over two weeks. IRONORE/ MET/L

Iron ore miner Fortescue Metals FMG.AX dipped up to 3percent and was on-track for a third straight day of losses.

Falling oil prices impacted energy stocks with the energyindex .AXEJ down over 2 percent as bellwether WoodsidePetroleum WPL.AX shed as much as 2.2 percent.

Oil prices fell on Wednesday, after official data showed alarger-than-expected increase in U.S. crude inventories and asurprise build in gasoline stocks. O/R

Locally, commercial explosives maker Orica Ltd ORI.AX dropped as much as 6.6 percent to its lowest in nearly threemonths after it said first-half earnings before interest and taxwould be hit by a range of charges amounting to A$300 million($232.95 million). stock CSL Ltd CSL.AX , which has significantU.S. exposure, dropped as much as 1.8 percent mirroring lossesin the U.S. healthcare index .SPXHC of 1.6 percent.

The 'Big 4' banks lost between 0.3 and 1.1 percent, whileretailer Woolworths Group WOW.AX dropped 2 percent.

New Zealand's benchmark S&P/NZX 50 index .NZ50 was 30.7points, or 0.4 percent, lower at 8,343.12, and was on course tosnap a six-day winning streak.

Weighing most on the index, SkyCity Entertainment Group SKC.NZ shares fell 3.3 percent, hitting their lowest in threemonths, while dairy company a2 Milk ATM.NZ dropped 1.1percent.

Official data showing that New Zealand's terms of trade hita record high in the fourth quarter of 2017 did little to cheersentiment. more individual stocks activity click on STXBZ

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