Australian Shares Extend Declines for 3rd Session

  • Stock Market News
Australian Shares Extend Declines for 3rd Session
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 was lower in early Tuesday deals, falling 7.9 points or 0.11% to 7240.3, trading at 4-week lows as market participants tracked overnight losses on Wall Street amid pervading fears over a real estate market crash in China, while miners capped losses despite a continued rout in Iron ore prices.

In coronavirus news, Victoria added a fresh outbreak high of 603 cases today, while New South Wales added 1022 cases as health authorities reintroduced lockdown restrictions in the Byron, Kempsey and Tweed council areas from 5pm today for one week.

Among stocks, Rio Tinto Ltd (ASX: RIO ) added 1.57%, BHP Billiton Ltd (ASX: BHP ) gained 1.2% and Fortescue Metals Group Ltd (ASX: FMG )lifted 2.38% despite Iron ore prices dipping to near yearly lows overnight as China continues to curb steel production. Meantime, APA Group (ASX: APA ) fell 4.75%, indicating a sour response from investors after the company’s A$9.9 billion bid for AusNet services earlier in the morning, while AusNet Services Ltd (ASX: AST ) shares surged 19.19%.

Ahead in the session, investors will be closely monitoring the Reserve Bank of Australia’s Monetary Policy Meeting Minutes for further tapering clues as the country deals with continued lockdown restrictions across the country.

Meantime, ASX 200 Futures were trading 73 points or 1.02% higher.

In New Zealand, the NZX 50 lost 86.35 points or 0.66% to 13092.23.

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