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Australian Shares Edge Lower as Banks and Miners Drag
Australian shares fell a little on Monday.
Big banks and mining companies were among the main reasons for the decline.
Investors became more worried after Iran and the United States exchanged new threats.
These tensions raised concerns about oil supplies and inflation.
Oil prices still fell because investors hoped Saudi Arabia’s shipments would recover.
Mining stocks dropped after rising strongly in the previous trading session.
Technology shares also declined, while healthcare stocks were nearly unchanged.
Perpetual fell sharply after rejecting a new takeover offer from EQT AB.
Telix Pharmaceuticals agreed to buy a German company for about $1.65 billion.
The S&P/ASX 200 fell 0.3% to 8,705.40 on Monday, after ending the previous week down 0.1%.
Mining stocks declined 0.5%, with BHP, Rio Tinto and Fortescue each falling between 0.5% and 0.7%.
Financial stocks dropped 0.3%, while technology stocks fell 0.6% as investor risk appetite weakened.
Renewed threats between Iran and the United States increased concerns about Middle East tensions, oil supplies and inflation.
Perpetual fell as much as 15.8% after rejecting EQT AB’s latest buyout offer, while Telix agreed to a $1.65 billion acquisition.
- Who
- Australian investors, banks, mining companies and other listed businesses, including Perpetual and Telix Pharmaceuticals.
- What
- The S&P/ASX 200 edged lower as banks, miners and technology stocks declined.
- Where
- Australia’s share market; New Zealand’s S&P/NZX 50 also traded higher.
- When
- Monday, September 21, with the index at 0018 GMT.
- Why
- Risk appetite weakened after renewed Iran-U.S. tensions raised concerns about regional instability, oil supplies, inflation and interest rates remaining higher for longer.
Key facts
- S&P/ASX 200
- Down 0.3% at 8,705.40 by 0018 GMT.
- Mining stocks
- Down 0.5%; BHP, Rio Tinto and Fortescue fell between 0.5% and 0.7%.
- Financial stocks
- Down 0.3% for a second consecutive session.
- Technology stocks
- Down 0.6%; Xero fell 1.4% and WiseTech Global fell 1%.
- Perpetual
- Fell as much as 15.8% after rejecting EQT AB’s latest buyout bid.
- Telix acquisition
- Telix Pharmaceuticals agreed to buy Germany-based ITM Isotope Technologies Munich SE for about $1.65 billion.
- S&P/NZX 50
- New Zealand’s benchmark index rose 0.1% to 13,756.44.
Sources
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