News from AAP

Aust market’s losing streak continues

Print This Post A A A

The Australian share market has closed in negative territory for its eighth consecutive session, as energy stocks tumbled amid fears of further oil price falls.

After enjoying a much-needed rebound during the morning session, the Australian bourse gave up its gains to finish slightly lower amid concerns oil prices could slide under $US30 a barrel after hitting a 12-year low overnight.

“There are some concerns that we could see further slides, and so the energy stocks were the worst performing today,” CMC Markets chief strategist Michael McCarthy said.

Oil and gas producer Santos slumped 26 cents, or eight per cent, to $2.95, while Oil Search fell 27 cents, or four per cent, to $6.23.

Mining heavyweights BHP Billiton fell 54 cents, or 3.5 per cent, to $15.01, Rio Tinto dropped 14 cents, or 3.3 per cent, to $39.15, and Fortescue Metals dropped 5.5 cents, or 3.4 per cent, to $15.85.

Oil and gas producer Woodside Petroleum dropped 55 cents, or two per cent, to $27.08.

Despite reiterating its guidance, miner Whitehaven Coal also ended the session in the red, down 3.5 cents, or 5.7 per cent, to 58.5 cents.

Building materials group James Hardie closed lower after reporting annual earnings would be up on last year. The stock finished down 11 cents, or 0.7 per cent, to $15.72.

Among the major banks, Commonwealth Bank rose 75 cents, or one per cent, to $79.39, National Australia Bank fell seven cents, or 0.3 per cent, to $27.35, ANZ descended 10 cents, or 0.4 per cent, to $25.05, and Westpac rose 26 cents, or 0.9 per cent, to $30.82.

KEY FACTS:

* At the close on Tuesday, the benchmark S&P/ASX200 index was down 7.1 points, or 0.14 per cent, at 4,925.1 points.

* The broader All Ordinaries index was down 8.5 points , or 0.2 per cent, at 4,982.2 points.

* The March share price index futures contract was down 14 points at 4880 points, with 41,356 contracts traded.

* The price of gold in Sydney at 1700 AEDT was $US1,095.80 per fine ounce, down $US9.30 on Monday’s price of $US1,105.10.

* National turnover was 1.9 billion securities traded worth $5.2 billion.