Australia Market falls on miners, tech stocks weakness – Business Standard

Capital Market  Last Updated at August 12, 2022 19:04 IST
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At closing bell, the benchmark S&P/ASX200 index was down 38.45 points, or 0.54%, to 7,032.51. The broader All Ordinaries index dropped by 36.55 points, or 0.5%, to 7,288.81.
Miners shares declined as a COVID-19 lockdown in commodities hub Yiwu rattled sentiment. BHP Group, the world’s largest miner, dropped 0.7%, while Rio Tinto traded flat.
Technology stocks dropped on following decline of US peers overnight after a Fed official said that the central bank was open for a possibility of a 75 basis point increase in rates even after the softer-than-expected inflation data in July.
ASX-listed shares of Block erased 4%.
Energy shares were up, with Oil and gas major Woodside Energy and Santos advancing 3.7% and 0.8% respectively.
Stanmore Resources shares soared nearly 11% after Coal explorer announcemed that it would buy the remaining 20% stake in a metallurgical coal venture in Queensland from Japanese trading house Mitsui & Co for US$380 million.
CURRENCY NEWS: The U. S. dollar index, which tracks the greenback against a basket of its peers, was at 105.257 after a recent drop from above 106. The Australian dollar was at $0.7123, above the $0.71 level.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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