Australian shares slipped on Monday, with most sectors in the red and miners hit the hardest by a slump in iron ore prices, while investors awaited the central bank’s interest rate decision later this week.
The S&P/ASX 200 index fell 0.3% to 8,399.1 points by 2343 GMT.
The benchmark had lost 0.6% on Friday.
All eyes are on the Reserve Bank of Australia’s (RBA) monetary policy decision on Tuesday, when the central bank is widely expected to hold rates steady, a Reuters Poll showed.
Heavily-weighted miners led losses on the benchmark, losing 1.2%.
BHP and Fortescue shed 1.6% and 3.2%, respectively. Iron ore prices slipped last week as the wave of restocking for sea-borne cargoes from steelmakers in top consumer China receded.
Financials lost 0.4%, with Commonwealth Bank of Australia and National Australia Bank easing 0.7% and 1.3%, respectively.
ANZ Group fell 2.4%, in line with index losses. Australia’s fourth largest lender by mortgages appointed HSBC-veteran Nuno Matos as its CEO, replacing Shayne Elliott who will retire after nine years in the role.
Energy stocks lost 1.2% after oil prices fell sharply on Friday on demand concerns.
Australian shares fall as miners offset real estate and healthcare gains
Bucking the trend, healthcare stocks gained 0.4% and information technology firms jumped 0.3%, following a strong lead-in from their US peers. On Friday, the US Dow Jones Industrial Average dropped 123.19 points, or 0.28%, at 44,642.52 points.
The S&P 500 gained 15.16 points, or 0.25%, while Nasdaq added 159.05 points, or 0.81%. New Zealand’s benchmark S&P/NZX 50 index edged nearly 0.1% higher to 12,817.08 points.
Source: Brecorder
