Share Name Share Symbol Market Type
South32 Limited ASX:S32 Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 3.97 4.30 3.83 0.00 23:16:00

Australia Stocks Pulled Lower by Energy Firms

18/04/2016 9:02am

Dow Jones News

South32 (ASX:S32)
Historical Stock Chart

From Jun 2017 to Jun 2022

Click Here for more South32 Charts.
   By Robb M. Stewart 

MELBOURNE--Australian shares snapped a four-day run higher on Monday, dragged lower by energy stocks after key oil producers failed to reach an agreement to freeze production.

After gaining 4.5% over last week, the S&P/ASX 200 fell 20.4 points, or 0.4%, to finish at 5137.1. The basket of energy stocks led the decline, falling 2.9%, while the materials subindex lost 0.9% and financials shed 0.7%.

Crude-oil prices tumbled more than 5% in late Asia trading after a weekend meeting of oil producers in Doha, Qatar, ended without reaching an agreement to cap output. Hopes for a deal among major producers, including several from the Organization of the Petroleum Exporting Countries and Russia, has helped fuel a rally that lifted U.S. crude prices more than 50% from their February lows.

Woodside Petroleum Ltd. lost 1.4% for the day, while Oil Search Ltd. and Santos Ltd. sank 4.3% and 7%, respectively. Smaller player Beach Energy Ltd. dropped 7.3%.

Among mining shares, BHP Billiton Ltd. slid 3%, South32 Ltd. lost 3.6% and Rio Tinto Ltd. was 1.6% weaker.

The major banks were all down for the day, led by a 1.5% drop for Westpac Banking Corp. and a 1% loss for Commonwealth Bank of Australia.

"The potential for a Doha-led correction in commodity prices brings focus back onto credit problems in the resource sector. The possibility of a weaker Australian dollar might also weigh on international investor sentiment toward Australian banks," Ric Spooner, chief market analyst at CMC Markets, said.

Qantas Airways notched up one of the sharpest drops in the ASX 200 index, losing 11% after it said it had cut a planned expansion of its domestic capacity due to the upcoming federal election and a recent dip in local consumer confidence.

Shares in residential real-estate company McGrath Ltd. sank almost 31% after it warned earnings for financial 2016 wouldn't meet its earlier forecast thanks to weaker-than-expected volumes of listings and sales, particularly in the north and northwestern suburbs of Sydney.

For the day, 3.14 billion shares were traded worth 4.93 billion Australian dollars (US$3.81 billion), Commonwealth Securities said.


Write to Robb M. Stewart at


(END) Dow Jones Newswires

April 18, 2016 03:47 ET (07:47 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.

1 Year South32 Chart

1 Year South32 Chart

1 Month South32 Chart

1 Month South32 Chart
ADVFN Advertorial
Your Recent History
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20220626 22:46:29