Australian shares inch lower

Dhaka,  Sun,  04 December 2016
Published : 24 Nov 2016, 13:00:30

Australian shares inch lower

Australian shares inch lower
Australian shares inched lower on Thursday, as gains in financials were offset by declines in the resources sector.

Australia's S&P/ASX 200 index slipped 10.7 points, or 0.2 per cent, to 5,473.7 by 0050 GMT.

The bond market saw further sell-offs with two-year US Treasury note yields vaulting to a 6-1/2 year high of 1.151 per cent, while benchmark 10-year notes hit 2.417 per cent, the highest since July 2015.

Financials accounted for most of the ASX's gains. Westpac Banking Corp extended gains into a fifth session and is on track for its longest rising streak since July.

Australian packaging company Amcor Ltd was among the top gainers, jumping 3.1 per cent.

At the other end, mining index was back in the red after three sessions of gains, with miners Rio Tinto and South32 Ltd sliding more than 1.0 per cent.

The energy index was down 0.9 per cent after oil prices dipped slightly on Wednesday.

Oil majors Woodside Petroleum and Santos Ltd slipped 1.3 per cent and 1.7 per cent respectively.

Declining issues outnumbered advancing ones on the Australian Stock Exchange by a 1.2-to-1 ratio, according to a news agency report.

-SRS-
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