Australian shares run out of puff as banks slip; NZ falls
[BENGALURU] Australian shares' winning run petered out on Tuesday after an initial jump as banks dragged, though offsetting gains in materials stocks curbed losses on the index.
The S&P/ASX 200 index fell 0.4 per cent or 27.9 points to 6,258.1 at the close of trade. The benchmark added 0.2 per cent on Monday.
Banks led Tuesday's declines on the main index, reversing its sharp gains in the last three sessions. The Australian financial index dipped 1 per cent, its biggest fall in more than two weeks.
Top lender Commonwealth Bank of Australia dropped 2.2 per cent, and was the biggest drag on the benchmark, while Westpac Banking Corp slid 1 per cent.
Consumer stocks were also negative, with retailer Wesfarmers Ltd dipping 1.3 per cent. Treasury Wine Estates , the world's biggest listed winemaker, slid 2.4 per cent.
But higher base metal and iron ore prices boosted materials stocks, braking the benchmark's slide.
Index heavyweight BHP firmed 1.1 per cent to a near two-month high, while Rio Tinto Ltd rose 0.9 per cent.
Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index fell 0.4 per cent or 38.72 points to finish the session at 9,022.93.
Utilities and telecommunications stocks set the bearish tone, with Spark New Zealand Ltd falling 1.7 per cent while Meridian Energy Ltd slipping 0.9 per cent.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade
Israel hits back, markets react; STI down 0.4%
Oil jumps, equities fall as Iran blasts fan Middle East tensions
Tokyo: Nikkei index tumbles 3% in morning trade
Singapore shares open higher on Friday; STI up 0.2%