Australia shares end slightly lower; iron ore and lithium miners slump

Endeavour

03/09/2024 07:10

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      Mineral Resources emerges top loser
    

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      Wesfarmers falls 1.4%
    

        * 
      CBA touches record high
    

  
 (Updates to close)
    By Rishav Chatterjee
       Sept 3 (Reuters) - 
    Australian shares ended marginally lower in subdued trading
on Tuesday, dragged down by consumer and mining stocks, while
local investors waited for crucial growth data. 
  
    The S&P/ASX 200 index  .AXJO  fell 0.1% to 8,103.5 points. 
    The Australian consumer staples index  .AXSJ  closed 2.1% in
the red, marking its worst trading session since early August as
major constituents traded ex-dividend. 
    Top grocer Woolworths  WOW.AX  and its smaller-rival Coles
 COL.AX  ended 2.9% and 2.7% lower respectively. Pub and hotel
operator Endeavour Group  EDV.AX  and country's biggest
conglomerate Wesfarmers  WES.AX  fell 3% and 1.4%.
    The ex-dividend date is a cut-off by which investors need to
be on the register of a company to receive the upcoming dividend
payment. 
    Local mining stocks  .AXMM  fell 1.4% to end the day. Iron
ore futures were around their lowest level in two weeks on the
back of poor economic data from top customer China which clouded
outlook.
    BHP Group  BHP.AX , Rio Tinto  RIO.AX  and Fortescue
 FMG.AX  ended the day between 1.4% and 2.4% lower. 
    Prices of lithium carbonate fell as well, impacting miners
of the metal used for electric vehicles. Mineral Resources
 MIN.AX  was the top loser on the benchmark whereas Lake
Resources  LKE.AX  and IGO  IGO.AX  fell 2.4% and 4.3%
respectively. 
    Australian economic data released on Tuesday came in mixed
with the country's current account deficit widening in the June
quarter.
    Investors are awaiting gross domestic product (GDP) numbers
on Wednesday which is expected to show a modest expansion of
0.3% in the June quarter, up for 0.1% percent in the last
quarter. 
    "If we happened to see a growth figure shy of 0.2% for the
quarter, this could amplify calls for the central bank to bring
forward the rate-cutting timeline," said Tim Waterer, market
analyst at KCM Trade. 
    Investors bought into financials in the day, with the index
 .AXFJ  reversing earlier booked losses. Commonwealth Bank of
Australia  CBA.AX  hit a record high during the session. 
    New Zealand's benchmark S&P/NZX 50 index  .NZ50  closed 0.2%
lower at 12,534.5 points. 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))
 
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