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Basic Materials
Size
Large Cap
Market Cap £105.90bn
Enterprise Value £109.75bn
Revenue £31.55bn
Position in Universe 11th / 1826

Australian shares drop on energy, mining losses as U.S. bond yields jump

Fri 19th March, 2021 12:30am
* 10-year U.S. Treasury bonds soar overnight
    * Energy stocks hurt by drop in oil prices
    * Tech stocks track Wall Street peers lower 

    By Soumyajit Saha
    March 19 (Reuters) - Australian shares fell in early trade
on Friday, hurt most by losses among energy and mining stocks,
and a spike in U.S. Treasury yields to 14-month highs.
    The S&P/ASX 200 index  .AXJO  dropped 1% to 6,745.9 by 2323
GMT. The benchmark index was set to post a 1.3% weekly loss
after recording gains in the past two weeks.
    Yields on the U.S. benchmark 10-year Treasuries soared to
more than 1.75% a day after the U.S. Federal Reserve projected
the strongest growth in nearly 40 years and promised to keep
interest rates low.  urn:newsml:reuters.com:*:nL1N2LG28I
    Among sectors and shares, energy stocks  .AXEJ  declined
2.8% as oil prices plunged on growing worries about demand in
Europe due to rising COVID-19 cases.  O/R 
    Gas explorers Woodside Petroleum Ltd  WPL.AX  and Santos Ltd
 STO.AX  lost 3.2% and 3.1%, respectively.
    Heavyweight mining stocks  .AXMM  fell 1.1% as lower copper
prices against a stronger dollar and rising bond yields weighed.
Global miners BHP Group  BHP.AX  and Rio Tinto  RIO.AX  slipped
1.6% and 0.8%, respectively.
    Tech stocks  .AXIJ  dropped 2.2%, mirroring their peers on
Wall Street, with buy now pay later co Afterpay  APT.AX  and
insurance software maker Bravura Solutions  BVS.AX  falling 2.5%
and 2.8% each.
    Healthcare stocks  .AXHJ  also fell, with drug developer CSL
Ltd  CSL.AX  and medical device maker Resmed Inc  RMD.AX 
falling 1.3% and 2.9%, respectively.
    Meanwhile, aluminium producer Alcoa Corp  AA.N  said it had
signed new five-year electricity supply agreements with AGL
Energy  AGL.AX , Origin Energy  ORG.AX  and Alinta Energy for
its Portland aluminium smelter in Victoria.  urn:newsml:reuters.com:*:nL1N2LG3H7
    Shares of AGL rose 0.6%, while Origin Energy was down 1.5%. 
    New Zealand's benchmark S&P/NZX 50 index  .NZ50  was nearly
unchanged, but the index was on track for a 0.1% weekly loss.   

 (Reporting by Soumyajit Saha in Bengaluru; editing by
Uttaresh.V)
 ((Soumyajit.Saha@thomsonreuters.com;))
 
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