Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Australia shares feel the pressure of weak commodity prices

Published 30/11/2015, 12:32 pm
© Reuters.  Australia shares feel the pressure of weak commodity prices
AXJO
-
BHP
-
CSL
-
FMG
-
RIO
-
ANN
-
NCM
-
NAB
-
RIO
-
WBC
-
M7T
-

By Pauline Askin and Charlotte Greenfield

SYDNEY/WELLINGTON, Nov 30 (Reuters) - Australian shares slipped 0.6 percent on Monday with the materials sector feeling the weight of weak commodity prices.

The S&P/ASX 200 index .AXJO fell 32.8-points or, 0.6 percent, to 5,169.8 by 0129 GMT. The benchmark fell 0.2 percent on Friday.

Gold, oil and most base metals faced downward pressure on Friday night which was felt in the Australian materials sector on Monday.

"U.S. dollar strength means the commodities sell-off that we saw last night is what is impacting our market today, because we are so commodities heavy. Players like BHP are down 2 percent and Rio Tinto (L:RIO) is not far behind" said Chris Conway, head of research and trading, Australian Stock Report.

"The theme that everyone seems to be playing at the moment is U.S. dollar strength leading into the Federal Reserve decision on December 15/16."

Top miner BHP Billion BHP.AX fell as much as 2.7 percent facing rising bills from a dam disaster in Brazil. IDnL3N13O0SF

Rio Tinto RIO.AX fell 1.64 percent while Newcrest Mining NCM.AX and Fortescue Mining FMG.AX fell 3.0 percent and 2.18 percent respectively.

The major banks edged up slightly with Westpac Bank WBC.AX up 0.6 percent and National Australia Bank NAB.AX and Commonwealth Bank both gaining 0.1 percent each.

Some healthcare shares were in the black with CSL Ltd CSL.AX up 0.35 percent while Ansell ANN.AX rose 1.07 percent.

Technology provider 3D Medical Ltd 3DM.AX rose as much as 3 percent after announcing a reseller agreement . urn:newsml:reuters.com:*:nL3N13O0PV (Editing by Sam Holmes)

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

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.