Australia: Shares slip as miners weigh; Woodside climbs
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AUSTRALIAN equities fell on Thursday, dragged by mining and tech stocks, while Woodside Energy surged after the oil and gas explorer lifted its production outlook.
The S&P/ASX 200 index slid 0.9 per cent to 6,736.2 points by 0010 GMT.
Shares in Australia also tracked overnight weakness on Wall Street. Major indexes closed lower as gloomy data and downbeat corporate outlooks dampened sentiment.
Woodside Energy, meanwhile, raised its annual production forecast and posted record quarterly revenue, as it benefited from a jump in energy prices and its merger with BHP Group’s petroleum assets.
Its shares jumped as much as 7.27 per cent, in their biggest intraday jump since March 7.
Rival Santos also rose after posting record quarterly revenue.
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The strength in oil and gas explorers, along with firmer oil prices, helped energy stocks gain 3.5 per cent.
Mining stocks fell due to weaker iron ore and copper prices. Rio Tinto, BHP Group and Fortescue Metals Group lost 1.2 per cent to 1.6 per cent. Syrah Resources climbed 17.6 per cent to top gains on the sub-index, after the company said it will evaluate the supply of natural graphite active anode material to South Korea-based LG Energy Solution.
The tech sub-index fell the most since Sept 23 by about 3.1 per cent, as it tracked a fall in its Wall Street peers. Zip Co, however, rose 8.6 per cent after it reported transaction volumes of A$2.2 billion (S$1.97 billion) for the quarter.
Financials, healthcare, and gold stocks slid. Evolution Mining fell 7.3 per cent after posting a drop in gold production for the September quarter. Battery maker Novonix climbed 26 per cent on potential US$150 million US government grant. Investors now await key employment data due later in the day, which could provide hints on the path of monetary policy tightening for the country’s central bank. New Zealand’s benchmark S&P/NZX 50 index fell 0.7 per cent to 10,841.41 points. REUTERS
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