Australia: Shares end lower with energy stocks battered by plunging crude futures

[SYDNEY] Australian shares finished lower on Monday weighed by energy stocks, as concerns over a slump in oil demand due to the coronavirus pandemic drove the energy sub-index to its worst session in more than three weeks.

The S&P/ASX 200 index fell 2.5 per cent or 134.50 points to 5,353.00 at the close of trade.

The energy sub-index suffered a 4.6 per cent drop as US crude oil futures plunged to their lowest levels since 1999. Concerns mounted over whether US storage facilities would soon reach capacity.

New Zealand's benchmark S&P/NZX 50 index slipped 0.1 per cent or 16.05 points to finish the session at 10,762.67 after starting the day in positive territory.

Prime Minister Jacinda Ardern said the country would loosen some of its virus-driven lockdown measures next week after a month of strict restrictions.

REUTERS

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL