Australian shares slipped on Thursday, as Fortescue dragged miners lower after it reported quarterly production numbers amid falling iron ore prices, which offset the gains in real estate and healthcare stocks.
The S&P/ASX 200 index fell 0.3% to 8,190.3, as of 2242 GMT. The benchmark closed up 0.1% on Wednesday.
Mining stocks were the biggest drag on the benchmark, falling 1.1% as iron ore prices declined on a weaker global steel market outlook and softer forecasts for China’s economic recovery.
Fortescue declined as much as 3.4%, on track for its worst session in more than two weeks, despite reporting higher first-quarter iron ore shipments.
Its rival mining heavyweights Rio Tinto and BHP Group, however, were down 0.4% and 0.9%, respectively.
Local gold stocks were the biggest decliners on the ASX 200 index, dipping 2.6% as gold prices declined due to a stronger US dollar countering support for the safe-haven asset.
Northern Star Resources dropped 1.1%, even as the gold miner maintained its fiscal 2025 guidance.
Meanwhile, technology stocks declined 1.3%, with sector giants Xero and WiseTech Global falling 0.7% and 1.8%, respectively.
Energy stocks also fell 0.5% on lower oil prices, after data showed US crude inventories rose by more than expected.
Australia shares end lower as China’s property woes drag miners
Energy major Woodside Energy and its smaller rival Santos fell around 0.4%, each. Financials also retreated by 0.2%, with the “Big Four” banks falling between 0.2% and 0.4%.
Bucking the trend, healthcare stocks rose 0.6%, aided by a stronger dollar, while real-estate stocks rose 0.7%.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index edged 0.1% higher to 12,802.04.
Source: Brecorder
