Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Australian shares reverse early gains as miners track copper prices lower

Published 30/03/2021, 01:03 pm
Updated 30/03/2021, 01:06 pm
© Reuters.

© Reuters.

* Miners see worst session in more than a week

* Gold stocks down for fourth straight session

* AGL Energy down after setback to LNG jetty plan

By Aditya Munjuluru

March 30 (Reuters) - Australian shares gave up early gains on Tuesday to trade lower as heavyweight miners declined in tandem with copper prices, although a bounce-back in technology stocks limited losses.

The S&P/ASX 200 index .AXJO was down 0.3% to 6,781.00 by 0122 GMT, after rising 0.5% earlier in the day. It had closed 0.4% lower on Monday.

Overnight, the S&P 500 .SPX closed slightly lower, with banks falling amid warnings of potential losses from a hedge fund's default on margin calls, while economic optimism limited the day's declines. S&P 500 E-minis futures EScv1 were down 0.25 points, or 0.01%, on Tuesday.

Copper prices slid on Monday as worries about higher freight costs receded after a container ship blocking traffic in the Suez Canal was refloated. MET/L

Mining stocks in Australia .AXMM fell 1.3% in their biggest intraday percentage drop in more than a week, with BHP Group BHP.AX down 1.4% and Rio Tinto (LON:RIO) RIO.AX falling 2.4%. Both companies have significant exposure to copper mining.

Gold stocks .AXGD slid 1.2% after bullion prices fell overnight on a stronger U.S. dollar and yields. Ramelius Resources Ltd RMS.AX fell 3.5%, Chalice Mining Ltd CHN.AX shed 3% and Newcrest Mining NCM.AX declined about 1%.

Financials stocks also dipped, with the country's "Big Four" banks shedding between 0.3% and 1%.

AGL Energy AGL.AX slipped, as the power producer said it was assessing its options after a state minister found that its planned liquefied natural gas import jetty at Crib Point in Victoria would have unacceptable environmental effects. in the day, the company said it would split itself into two separate businesses in a bid to change strategy and reverse a steep share price slump it has faced. stocks .AXIJ rose 1.3% after a near 2.8% drop on Monday. Sector heavyweight Afterpay APT.AX climbed 1.4%, while WiseTech WTC.AX gained 3.3%.

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 edged up 0.1% to 12,381.6.

The top percentage gainers on the benchmark index were Synlait Milk SML.NZ , up 3%, and Scales Corp SCL.NZ , adding 1.3%.

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.