Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Australian shares edge lower on mining stocks, rising virus death toll

Published 30/01/2020, 12:16 pm
© Reuters.  Australian shares edge lower on mining stocks, rising virus death toll

* Newcrest drops 5% after bushfires, shutdowns hit output

* Treasury Wine rises after Wednesday's sharp decline

* Fortescue reports higher shipments, but shares fall

Jan 30 (Reuters) - Australian shares inched lower on Thursday as a weaker production report from Newcrest Mining dragged down fellow miners and a sharp rise in China's death toll from the coronavirus outbreak kept investors on the edge.

The S&P/ASX 200 index .AXJO slipped 0.2%, 13.1 points, to 7,018.4 by 0116 GMT, after a 0.5% gain on Wednesday.

With the death toll rising by 38 to 170 as of end-Wednesday and countries scrambling to get ahead of the spread of the virus, the World Health Organisation voiced "grave concern" about the situation but fell short of declaring it a global emergency. seem to have adjusted to what is known now, although they will stay responsive to further developments," said Michael McCarthy, the chief strategist at CMC Markets and Stockbroking.

He said there was not enough new news for markets to react to, but "we simply don't know enough to rule out a broader impact."

Shares of Newcrest Mining NCM.AX fell 5.1% after the company reported a lower quarterly gold output due to shutdowns and recent bushfires. sharp drop in Australia's top gold miner weighed heavily on its peers, sending the gold index .AXGD down nearly 2%.

Iron ore miner Fortescue Metals Group FMG.AX declined nearly 3%. It, however, reported a 9% jump in its second-quarter shipments on resilient demand from China, the world's second-largest economy.

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

Shares of Nearmap Ltd NEA.AX skidded 24.6% after the aerial imagery firm said it lost some of its customers in the United States.

Treasury Wine Estates TWE.AX rose 5.3%, recovering from its biggest ever fall on Wednesday. McCarthy called the drop "overdone". other news, Commonwealth Bank of Australia CBA.AX raised its stake in buy-now-pay-later (BNPL) company Klarna as it launched the Swedish company in Australia. marked the entry of the country's biggest bank into the fast-growing and increasingly popular BNPL space. Industry bellwether Afterpay Ltd APT.AX was flat.

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 advanced 0.2% to 11,702.02.

Meridian Energy MEL.NZ and Spark New Zealand SPK.NZ were among the top gainers, rising 1.2% and 1.1%, respectively.

For more individual stocks activity click on STXBZ

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.