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Energy slump weighs on Aussie share market

Xinhua News,SYDNEY
2020-10-12 08:27

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SYDNEY, Oct. 12 (Xinhua) -- The Australian share market opened modestly lower on Monday, with energy stocks weighing heavily and offsetting gains in the tech sector.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was down 6 points or 0.098 percent at 6,096.20, while the broader All Ordinaries index was down 4 points or 0.063 percent at 6,308.50.

It was a mixed start for the local bourse with two obvious standouts in the form of a tech surge and energy slump.

Oil prices dragged on producers with the market heavy energy sector tipping the index downwards to start the day.

"Global oil prices were weaker by 1.0-1.5 percent on Friday on news that the Norwegian oil worker strike had ended," Commsec Market Analyst Craig James said.

Meanwhile, tech stocks shot up, continuing to outperform the rest of the market over the past months, while the materials and financials sectors edged higher.

In the financial space, the big banks were mostly lower with Westpac Bank down (0.82 percent), ANZ down (0.59 percent) and National Australia Bank down (0.43 percent). However, Commonwealth Bank was up (0.13 percent)

Mining stocks were mostly higher with Rio Tinto up (0.04 percent), Fortescue Metals up (1.12 percent) and goldminer Newcrest up (2.30 percent). However, BHP was down (0.06 percent).

The country's oil and gas producers slumped with Oil Search down (1.38 percent), Santos down (1.57 percent) and Woodside Petroleum down (0.98 percent).

Australia's largest supermarkets sank with Coles down (0.91 percent), and Woolworths down (0.48 percent).

Meanwhile, telecommunications giant Telstra bounced (0.58 percent), the national carrier Qantas sank (0.69 percent) and biomedical firm CSL lifted (0.15 percent).
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