You are here

Australia: Shares dive to 7-month low as China currency, metals downgrade weigh

Australian shares bucked a poor performance by Wall Street to edge 0.6 per cent higher on Thursday, aided by a hunt for dividend yield and more merger action.

[SYDNEY] Australian shares slumped to a seven-month low on Wednesday as key trading partner China devalued its currency and a reduced forecast for metals prices dragged down resources stocks.

The S&P/ASX 200 index fell 1.7 per cent or 91.1 points to 5382.1, its lowest close since Jan 20. The benchmark has fallen 5 per cent so far this month.

New Zealand's benchmark NZX 50 index dropped 1.1 per cent or 65.1 points to finish the session at 5757.2.


BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to