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Australia shares turn lower, dragged by falling commodity prices

Published 24/11/2015, 12:51 pm
© Reuters.  Australia shares turn lower, dragged by falling commodity prices
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By Pauline Askin and Charlotte Greenfield

SYDNEY/WELLINGTON, Nov 24 (Reuters) - Australian shares fell 0.62 percent on Tuesday ending a five session winning streak, taking negative cues from Wall Street and lower commodity prices.

Copper, traditionally a bellwether for the global economy, fell 3 percent to its cheapest in more than six years dragging down the metals sector. ID:nL8N13I28S

The S&P/ASX 200 index .AXJO fell 30.72 points to 5,245.7 by 0132 GMT. The benchmark closed 0.4 percent higher on Monday.

"There will continue to be some volatility and some weakness in the commodity sector. A strengthening U.S. dollar generally means we will see commodity prices continue to weaken," said Chris Conway, head of research and trading, Australian Stock Report.

"Of course if there are some more ructions out of China that will add fuel to the fire".

Commodities price weakness weighed heavily on the material sector. Fortescue Mining FMG.AX fell 3.7 percent, BHP Billiton (L:BLT) BHP.AX and Rio Tinto (L:RIO) RIO.AX were down 1.5 and 0.9 percent respectively.

Gold miner Newcrest Mining, NCM.AX slipped 0.7 percent hampered by a fall in gold prices as the precious metal languished near its lowest level in nearly six years on Monday.

Energy stocks such as Woodside Petroleum WPL.AX fell 0.5 percent.

Among the retails, leading grocer Woolworths WOW.AX lost 0.6 percent while rival Coles WES.AX edged up 0.15 percent.

Surfing apparel retailer Billabong International Ltd BBG.AX plunged to a 2-month lower after announcing the company expects EBITDA in the first four months of 2016 to be about A$2.5 mln behind the same period this year. ID:nL3N13J00S

Pharmaceutical Industries Ltd API.AX fell as much as 3.3 percent after brokerage Bell Potter cut its price target.

Wall Street ended lower in quiet trading after healthcare companies Pfizer's PFE.N plan to buy Allergan (N:AGN_pa) Plc AGN.N drew political criticism. rose 2.1 percent.

Air New Zealand led losses, dropping 1.43 percent after it released passenger numbers for October, which showed that passenger numbers and load factors grew at a slower pace than the previous month. urn:newsml:reuters.com:*:nWNBS01I6P

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