Australia: Shares track Wall Street lower amid Ukraine crisis

[BENGALURU] Australian shares fell on Tuesday, tracking a downbeat Wall Street session amid heightened Ukraine-Russia tensions, although gains in heavyweight iron ore miner BHP Group after bumper first-half earnings provided a floor to the benchmark index.

The S&P/ASX 200 index was down 0.6 per cent at 7,203.9 points, as of 2353 GMT. The benchmark closed 0.4 per cent higher on Monday.

Domestic stocks were tracking a sharp sell-off in US peers as plans to close the U.S. embassy in Kyiv, a possible sign of an imminent Russian invasion in Ukraine, prompted investors to pull back from riskier assets.

BHP Group gained up to 2.1 per cent after the miner declared a record interim dividend and posted a first-half profit that beat analysts' estimates.

Among sub-indexes, energy stocks were the top losers, shedding nearly 2 per cent as investors locked in profits after the index hit a one-year peak in the previous session.

Heavyweights Woodside Petroleum and Santos fell 1.5 per cent and 1.9 per cent, respectively.

Financials dropped 1 per cent, with the 'Big Four' banks slipping between 1.1 per cent and 2.4 per cent.

On the upside, gold stocks jumped nearly 2 per cent to their highest level in three weeks as the Russia-Ukraine conflict boosted bullion's safe-haven demand. Shares of Australian miner Newcrest Mining rose 1.5 per cent.

The bullion is considered a hedge against soaring inflation and often used as a safe store of value during times of political and financial uncertainty.

The gold rally helped lift the mining index up 1.8 per cent to its highest level in nearly four weeks.

In New Zealand, the benchmark was down 0.3 per cent at 11,945.52 points, as of 2353 GMT. REUTERS