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Close Australian shares plunged to a seven-week low today, posting their biggest one-day loss in two months, after a sharp drop in commodity prices weighed on the big miners.
At the close, the benchmark S&P/ASX200 index was down 84.1 points, or 1.8 per cent, at the day's low of 4696.1, while the broader All Ordinaries index shed 81.6 points, or 1.7 per cent, to 4776.6.
Among the sectors, gold slumped 3 per cent, materials plunged 2.6 per cent and financials dropped 1.5 per cent.
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From an earlier report: EL&C Baillieu Stockbroking director Richard Morrow said the local market fell in knee-jerk reaction after US stocks lost about 1 per cent and commodity markets fell overnight.
‘‘Commodity stocks are on the back foot after the slump in metals prices,’’ Mr Morrow said. ‘‘I think it will remain around this level for the rest of the day.’’
ANZ, trading ex-dividend, was 74 cents lower, by 3.2 per cent, at $22.43. Westpac was down 21 cents at $23.64, Commonwealth gave up 67 cents to $51.85 and National Australia Bank slid 35 cents to $26.95.
The dollar dropped almost 1 per cent immediately after jobless figures for April showed a surprisingly large number of job losses. It was recently fetching $US1.0598.
BHP Billiton was down $1.07, or 2.4 per cent, at $44.23, while fellow mining giant Rio Tinto backtracked $1.67, or 2.05 per cent, to $79.78. Fortescue Metals declined 16 cents, or 2.5 per cent, to $6.33 and OZ Minerals shed 4.5 cents, or 3 per cent, at $1.435.
Energy stocks hit by oil slump
Energy stocks were substantially lower, too, after crude oil futures fell 4.9 per cent, below $US100 a barrel because crude oil inventories in the US have grown much more than expected amid sliding demand.
Santos had retreated 42 cents, or 2.9 per cent, at $14.24, Oil Search was 16 cents cheaper, by 2.25 per cent, at $6.96 and Woodside was down 83 cents, or 1.8 per cent, at $45.37.
Woodside today appointed long-time petroleum executive Peter Coleman, from US energy giant ExxonMobil, as successor to retiring chief executive Don Voelte.
The spot price of gold in Sydney was $US1503.60 per fine ounce, down $US20.40 from Wednesday’s close of $US1524. Gold miner Newcrest was down $1.04, or 2.63 per cent, at $38.46.
BlueScope flags loss
Making headlines, BlueScope flagged a small net loss in its second half year due to the rising Australian dollar, weaker steel prices and lower demand.
BlueScope was the best performing stock on the S&P/ASX 100 index, however, up 4 cents, or 2.6 per cent, at $1.575.
The worst performer in that index was rare earths mine developer Lynas Corporation, down 10 cents, or 4.44 per cent, at $2.15.
