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Australia Market finishes lower

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Headline indices of financial market closed down on Monday, 11 February 2019, as declines in banks and overshadowed rally in resources stocks. At closing bell, the benchmark S&P/ASX200 index dropped 10.61 points, or 0.17%, to 6,060.85 points, while the broader All Ordinaries index shed 7.58 points, or 0.12%, to 6,128.57 points.

Financial stocks declined, with shares of the major banks were down between 1.24% and 1.62%, with NAB leading the losses, slipping down 40 cents to A$24.35. and closed down 6.8% to A$10.39, after the regional lender announced its first-half profits had dipped 2.4% to A$219 million.

took a hit as a inquiry into Australia's aged care industry opened earlier today. Index heavyweight closed 1.7 per cent lower.

Shares in shot up after announced a $662 million funding boost on Sunday, ahead of hearings by a into aged care. which rose 7.3% in response to more government funding. was up 2.94% to A$5.26 cents; up 5.2% to A$1.315; and up 7.3% to A$2.50.

The Shares of pharmacy business Sigma Healthcare grew 5.4% after announcing plans to reduce its costs by over $100 million.

Materials and resources stocks were up, as Chinese iron ore futures hit record highs on concerns over supplies from in the wake of the dam collapse at a mine last month that killed more than 300 people. Iron ore futures have spiked 22% since a January 27 dam collapse in Brazil, which forced giant to suspend some operations, jumping from $75.30 to $92.13. The biggest on the index, closed up 2%, while gained 1.8%. rose 3.48%.

Among individual stocks: went up 1.8% in response to the continuing revenue and profit growth that was reported this morning. has lifted first-half profit 5.5% to $160.1 million despite volatile holiday trading for the and Revenue for the six months to December 31 rose 4.2% to $3.84 billion, with comparable sales in Australia, and at The Good Guys - the white goods business it bought in 2016 - all going up.

shares were down 12.26% after it said it expected "extreme" cattle deaths at its 30,000-head in the Gulf country.

shares closed down 2.07% after the company said it would lose $10 million a week until rail lines in the region reopen so it can resume operations.

CURRENCY: Australian Dollar rose against greenback and against a basket of other peers on Monday. The Aussie dollar was buying 70.95 US cents, from 70.85 US cents on Friday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 11 2019. 16:05 IST
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