Australia Shares extend losses to fourth day
At closing bell, the benchmark S&P/ASX200 was down 37.51 points, or 0.5%, to 7,464.64. The broader All Ordinaries dropped 35.38 points, or 0.46%, to 7,735.29.
Total 6 of 11 sectors ended higher despite the decline in the S&P/ASX 200 Index. Health Care was the best performing sector, gaining +1.95%, while material was the worst performing sector, losing 3.68%.
Shares of commodity linked companies declined inline with fall in iron ore and crude oil prices. Iron ore fell 4.6% overnight to $153.39 a tonne on demand concerns linked to China's steel output restrictions in H2CY2021, while crude oil prices softened with Brent crude down 2.4% to $67.41 a barrel and US oil down 3.1% to $64.52 a barrel. BHP shares dropped 6.4% to a six-month low of A$44.67. Rio Tinto declined to nine-month low of A$106.86. Fortescue fell 6.2% to A$20.13 and scrap metal recycler Sims fell 7.6% to A$14.90. All nine companies in the energy sector closed lower.
CURRENCY NEWS: The Australian dollar changed hands at $0.7161, having dropped from above $0.73 earlier in the week.
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