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Australian shares have hit a two-month low today, with growing expectations of interest rate hikes in the US and Japan impacting risk appetite.
The ASX 200 was down 0.9 per cent around lunchtime, its lowest level since early July. Six of the ASX’s 11 sectors were in the red, led by materials and financials.
Turning to the market, miners were among the biggest drags as iron ore and copper prices hit three-week lows.
BHP fell more than 2 per cent and Rio Tinto also shed more than 2 per cent. Energy stocks were also weaker despite a rise in oil prices, with Santos down 1.8 per cent and Woodside down 1.6 per cent.
The big four banks all fell at least 1 per cent, with Commonwealth Bank taking the biggest hit, down 2.1 per cent.
Tech stocks, meanwhile, staged a rebound after Monday’s sell-off. Life360 surged 7 per cent and WiseTech added 4 per cent, as investors took some reassurance from comments by US President Donald Trump that existing safeguards around artificial intelligence were adequate.
Nickel Industries fell 1.3 per cent after warning drought at its Excelsior site in Indonesia had forced it to cap output at 30 per cent of capacity until expected rain arrives in December.
Zip rallied 4.1 per cent after launching an up to $50 million share buyback.
White Cliff Minerals was one of the day’s standout movers, surging 12 per cent after Gina Rinehart’s Hancock Prospecting bought an $8.8 million stake in the copper explorer. White Cliff’s market value rose to $53 million following the deal.
New Hope Corporation climbed 3.2 per cent despite reporting a big fall in profit, with Morgans backing the coal miner for a stronger year ahead.
Mayne Pharma was down 1.3 per cent after securing exclusive Australian rights to Blissel, an ultra-low-dose menopause hormone gel, under a five-year deal with Italian pharmaceutical group Italfarmaco.
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