Australian shares fell on Monday, dragged down by financial and healthcare stocks, while the country’s corporate watchdog sued National Australia Bank for breach of financial hardship laws.
The S&P/ASX 200 index fell 0.2% to 8,270.5 by 0014 GMT after two straight sessions of gains.
Interest rate-sensitive financials declined 0.8% after two straight sessions of gains, with the “big four” banks down between 0.6% and 1.8%.
The Australian Securities and Investments Commission launched civil penalty proceedings against National Australia Bank for failing to respond to hundreds of financial hardship applications within the legally mandated time frame.
Shares of the country’s second-largest lender fell as much as 1.9%.
Healthcare stocks declined 1.1% with CSL, the country’s priciest stock, down 2%.
US President-elect Donald Trump said on Thursday he has selected Robert F. Kennedy Jr., a known anti-vaxxer, to lead the Department of Health and Human Services. IT stocks lost 1.1%.
The US Dow Jones Industrial Average fell 0.70% on Friday.
The S&P 500 lost 1.32%, while the Nasdaq lost 2.24%.
In corporate news, Resolute Mining said it would pay $160 million to Mali’s government to help resolve a tax dispute after the West African country detained its CEO Terence Holohan and two other employees this month.
Australian shares close at record high, boosted by financials
Resolute shares fell as much as 14.3%, hitting their lowest level since March 1.
Capping the losses on the benchmark stock index, heavyweight miners climbed 0.9% despite a dip in iron ore prices.
Sector giants BHP Group rose 0.5%, while Rio Tinto gained 1.2%.
Energy stocks climbed 1%, with Woodside Energy and Santos both trading largely flat.
In New Zealand, the benchmark S&P/NZX 50 index fell 0.2% to 12,656.2, as of 0014 GMT.
Source: Brecorder
