Australia Market falls 1.2%; Miners tumble on weak iron ore prices

The Australian share market finished session steep lower on Thursday, 17 September 2020, following mixed lead from the Wall Street overnight where sentiment was dulled by a more dovish-than-expected stance from the US Fed. Market pressured by heavy losses in miners as iron ore prices tumbled for a third consecutive day. Investors shrugged off a surprisingly strong August jobs print.

At closing bell, the benchmark S&P/ASX200 index declined 72.92 points, or 1.22%, to 5,883.22. The broader All Ordinaries was down 77.70 points, or 1.26%, to 6,069.21.

Shares of materials and resources declined as iron ore futures continued to drop on rising supply concerns due to a less than expected pickup in steel demand from China, Australia's largest trading partner. Among mining stocks, Fortescue Metals Group slumped 6.4%, while global miners Rio Tinto and BHP Group fell 3.4% and 1.8%, respectively.

 

CURRENCY NEWS: The Australian dollar changed hands at $0.7296 after touching an earlier high of $0.7311.

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