Australian Shares Decline 2.4% as Materials Plunge

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Australian Shares Decline 2.4% as Materials Plunge
Credit: © Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 declined 174.8 points or 2.4% to 7,298.5 after the first hour of trade on Tuesday as easing commodity prices pushed major miners lower, after local markets remained closed yesterday for a public holiday.

ASX 200 Futures were pointing 0.3% lower.

Among stocks, Materials companies plunged 5.2%, after Copper and Iron ore prices eased amid growing concerns about Chinese demand as the country’s COVID-19 outbreak worsens. Rio Tinto Ltd (ASX: RIO ) fell 3.8%, BHP Billiton Ltd (ASX: BHP ) dipped 5.3%, Fortescue Metals Group Ltd (ASX: FMG ) lost 6.4%, Champion Iron Ltd (ASX: CIA ) dropped 8.8% and Pilbara Minerals Ltd (ASX: PLS ) fell 3.6%.

Financials dipped 1.8% as Macquarie Group Ltd (ASX: MQG ) fell 2.1%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lost 1.4%, National Australia Bank Ltd (ASX: NAB ) fell 2%, Westpac Banking Corp (ASX: WBC ) dipped 1.8% and Commonwealth Bank Of Australia (ASX: CBA ) retreated 1.7%.

Energy also retreated 4.4% as Brent oil prices fell. Beach Energy Ltd (ASX: BPT ) dipped 3.9% after reporting its quarterly results, Woodside Petroleum Ltd (ASX: WPL ) lost 5.5% and Santos Ltd (ASX: STO ) dipped 4.2%.

EML Payments Ltd (ASX: EML ) also tanked 31.9% after results as the company slashed earnings guidance for the 2022 financial year.

On the bond markets, Australia 10-Year rates eased slightly to 3.055% while United States 10-Year yields were at 2.818%.

In New Zealand, the NZX 50 lost 0.7% to 11,829.

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