Australian sharemarket wrap: ASX dragged down as oil price plummets
Australia’s share market fell for a third straight day after new jobs data gave no hope for further US interest rate cuts and oil fell to its lowest level in almost five years.
The S&P/ASX 200 index fell 13.7 points, or 0.16 percent, to 8,585.2 points on Wednesday.
10 out of 11 sectors closed weakly, with energy leading the losses. Only the materials sector finished in green.
The Australian dollar is down slightly and is gaining 0.66 US cents.
Lithium, uranium and gold miners rose on Wednesday; Liontown increased by 11.81 percent to $1.52, Deep Yellow increased by 6.85 percent to $1.79, and Westgold Resources increased by 6.51 percent to $6.22.
Woodside fell 2.38 percent to $23.42, following the decline in Brent crude oil and reports of a possible deal in Ukraine that would impose fewer restrictions on the export of Russian oil.
Santos fell 1.15 per cent to $6.04 after Queensland signed a conditional purchase and sale agreement to transfer its 42.86 per cent stake in the Mahalo joint venture in the Bowen Basin to Comet Ridge.
The company also recently completed the transfer of its 42.71 percent shares in the Petrel fields and 100 percent shares in the Tern fields in the Bonaparte Basin to Eni Australia.
The end of the conflict in Ukraine also affected defense stocks; DroneShield fell 12.10 percent to $2.47, and shipbuilder Austal fell 11.48 percent to $5.94.
Consumer staples also fell on Wednesday.
Following the downgrade of Treasury Wine Houses’ profit rating, it fell by 9.29 percent to $4.98.
GrainCorp fell 15.39 percent to $7.09 after agreeing to sell its shares in GrainsConnect Canada, which would result in a loss of up to $10 million. The company also warned that the east coast harvest was weakening.
Meanwhile, spot gold exceeded $4300 per ounce.
Northern Star rose 3.75 percent to $27.12, Catalyst Metals rose 8.36 percent to $7, and Evolution Mining rose 4.54 percent to $12.66.
In banking, CBA fell 0.82 per cent to $153.86, ANZ fell 0.03 per cent to $36.10, Westpac fell 0.08 per cent to $38.45 and NAB fell 0.52 per cent to $42.02.
