Finance: ASX sinks on mining declines; BHP, Rio Tinto, Fortescue, Qube, Santos, Beach Energy, Newcrest


The Australian share market fell lower on Tuesday amid fervent speculation among investors ahead of the US Federal Reserve’s meeting on Wednesday afternoon local time.

Further weighing on the local benchmark was the release of the Reserve Bank’s September meeting minutes that showed it considered raising rates to 4.35 per cent. While ultimately, keeping rates on hold, the bank was resolute that it would raise rates again if

The local sharemarket was pulled lower after a broad sell off led by real estate and materials. At the closing bell, the S & P/ASX200 was down 33.8 points or 0.5 per cent, to 7,196.6, while the All Ordinaries fell 33.1 points or 0.5 per cent to 7.395.

On the ASX, 8 of 11 sectors finished in the red, led by materials, down 0.8 per cent.

Iron ore miners suffered after commodity futures in Singapore fell 1 per cent to $US 120.60, down from $US 122.95 on Friday.

At the close of trading, BHP fell 1.5 per cent to $45.10, Rio Tinto was down 0.8 per cent to $118.54, and Fortescue sank 1.1 per cent to $20.97.

Energy stocks were resilient after oil prices reached their highest levels since November.

Amid tightening oil supply, Brent Crude reached $US95 a barrel – its highest in 10 months – after rising for the fourth straight day.

Sector heavyweights Santos climbed 0.9 per cent to $7.85 a share, Beach Energy rose 0.3 per cent to $1.66, but Woodside edged 0.1 per cent lower to $37.80

Coal miners also rallied after the commodity price rose to $US 160.75 a tonne.

New Hope Group jumped 2.1 per cent, its highest level since January, after the New South Wales and Queensland thermal coal miner posted a $1bn net profit after tax on the back of surging demand and record price. Whitehaven Coal also rose 1.2 per cent to $6.69 a share.

In other company news, Logistics firm Qube Holdings sank 1 per cent following the announcement that one of its employees had died during harvesting operations in South Australia.

Gold miner takeover target Newcrest mining jumped 1.4 per cent on news that US-based miner Newmont had received approvals from the Australian Foreign Investment Review Board to proceed with a planned acquisition.



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