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Aussie share market drops with broad losses

SYDNEY
2019-07-08 08:59

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SYDNEY, July 8 (Xinhua) -- The Australian share market opened lower on Monday as solid U.S. jobs data rattled markets prompting a cautious approach from investors.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was down 43.20 points or 0.64 percent at 6,708.10, while the broader All Ordinaries index was down 40.50 points or 0.59 percent at 6,791.30.

"The (U.S.) non-farm payrolls numbers released on Friday night upset the market applecart," CMC Markets chief market strategist Michael McCarthy said. "A data packed week may also encourage a wait and see approach today."

Locally, mining stocks were the biggest weight on the market with healthcare and utilities also trending firmly lower.

Energy and tech stocks were the exception with both managing modest lifts.

In the financial space, Australia's big banks dropped with the Commonwealth Bank down (0.57 percent), ANZ down (0.36 percent), Westpac Bank down (0.18 percent) and the National Australia Bank down (0.52 percent).

Mining stocks slumped with Rio Tinto down (1.92 percent), Fortescue Metals down (1.71 percent), BHP down (1.62 percent) and goldminer Newcrest down (0.81 percent).

The country's oil and gas producers lifted with Oil Search up (0.29 percent), Santos up (0.43 percent), and Woodside Petroleum up (0.30 percent).

Australia's largest supermarkets varied with Coles unchanged (0 percent), and Woolworths down (0.18 percent).

Meanwhile telecommunications giant Telstra sank (0.13 percent), the national carrier Qantas bounced (0.35 percent) and biomedical firm CSL dropped (0.78 percent).
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