Australia shares end lower as miners weigh

Woodside Energy

16/10/2024 07:27

* 
      Rio Tinto down despite higher Q3 output
    

        * 
      Woodside rises on better annual forecast
    

        * 
      Energy stocks close lowest since Sept. 27
    

        * 
      Gold stocks close highest since August 2020
    

        * 
      Employment data due on Thursday
    

  
 (Updates to close)
    By Adwitiya Srivastava
       Oct 16 (Reuters) - Australian shares closed lower on
Wednesday, after hitting a record high in the previous session,
as miners weighed on the benchmark due to a dip in iron ore
prices amid slowing demand prospects.    
    The S&P/ASX 200 index  .AXJO  was down 0.4% at the close of
trade. The benchmark rose 0.8% to an all time-high on Tuesday.
    Heavyweight miners  .AXMM  fell 0.4% as iron ore prices fell
on the prospect of diminishing global demand for the
steel-making commodity.  IRONORE/ 
    Top iron ore firm Rio Tinto  RIO.AX  fell 1.1% despite
posting higher third-quarter shipments, while BHP Group  BHP.AX 
shed 1.1%.
    The industrials sub-index  .AXNJ  was down 1.1%, while
healthcare stocks  .AXHJ  fell about 1% and energy firms  .AXEJ 
declined 0.7% to close at their lowest since Sept. 27.
    "We are seeing a little profit taking today in some stocks,"
said Brad Smoling, managing director at Smoling Stockbroking.
    However, top energy firm Woodside Energy  WDS.AX  was an
exception, rising 0.6% after it hiked its annual output
expectations.
    Investors now look ahead to the country's employment figures
for September, due on Thursday, which will play a key role in
determining when the central bank will cut rates.
    "There is talk of the big four Australian banks starting to
move on reducing interest rates to deal with a slowing property
market and falling property values," Smoling said.
    Among sectoral gainers, gold stocks  .AXGD  rose 2.6% to
close at their highest since Aug. 10, 2020, as bullion prices
inched higher. Evolution Mining  EVN.AX  jumped 6.8%, closing at
its highest since June 2021, after posting higher first-quarter
production.
    Meanwhile, New Zealand's benchmark S&P/NZX 50 index  .NZ50 
fell 1.6% to 12,641.32 points. 
    The country's annual inflation returned to the central
bank's target range of 1%-3% in the third quarter.

 (Reporting by Adwitiya Srivastava in Bengaluru; Editing by
Sonia Cheema)
 ((Adwitiya.Srivastava@thomsonreuters.com))
 
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