Australian shares fell nearly 1% on Tuesday tracking weakness in global markets, with tech firm WiseTech Global and lithium miner Mineral Resources extending losses to be the top laggards on the benchmark index, following probes into their top executives.
The S&P/ASX 200 index was down 0.9% at 8,267.5, as of 2337 GMT, with all sectors trading in the red.
The benchmark rose 0.7% on Monday.
Global markets dropped overnight on caution amid rising geopolitical tensions and uncertainty about the US presidential elections.
The Dow Jones Industrial Average fell 0.80%, the S&P 500 lost 0.18%.
The Nasdaq Composite, however, gained 0.27%. Local miners slipped 1% despite strong metal prices.
Mineral Resources fell nearly 4% to hit its lowest level since Sept. 24, after the lithium miner’s billionaire founder admitted to tax evasion. The stock plunged nearly 14% on Monday.
Rio Tinto, BHP Group and Fortescue lost between 0.6% and 1.6%.
Technology stocks retreated 1.7%.
WiseTech Global fell 2.4%, extending Monday’s sharp sell-off, as the country’s biggest listed tech firm said it was reviewing matters concerning its CEO, after reports made allegations about his personal life including payments to a past sexual partner.
Financials fell about 1%, with all of the “big four” banks trading in the red.
Energy stocks slipped 0.5%.
Australia shares hit record high on Fed rate cut boost
Viva Energy dropped as much as 4% to hit a more than one-and-a-half-year low after the fuel retailer flagged softening market conditions, lower tobacco sales and rising business costs to impact its commercial and industrial operations.
Hotel Property Investments rose as much as 3.7% after the pub owner said it had recommended its shareholders to reject the final takeover bid from a consortium led by Charter Hall Retail REIT, which valued it at A$755.8 million ($502.76 million), calling the proposal “opportunistic”.
New Zealand’s benchmark S&P/NZX 50 index fell 0.7% to 12,827.09.
Source: Brecorder
