|Published : 30 Nov 2016, 14:11:56|
Australian shares edge lower; material stocks slump
Australian shares edged lower on Wednesday as material stocks slumped in line with iron ore and steel prices ahead an OPEC meeting.
The S&P/ASX 200 index closed 0.3 per cent, or 17 points lower, at 5,440.5.
Mining giants BHP Billiton Ltd, Rio Tinto Ltd and Fortescue Metals Group recorded their biggest intra-day percentage loss in 3 weeks, tumbling 4.1 per cent, 4.4 per cent and 5.3 per cent respectively.
The metals and mining index suffered its biggest intra-day percentage loss in two months, losing 3.3 per cent as China steel futures looked set for a record fall on liquidity worries.
Energy stocks also took a beating with index heavyweights Woodside Petroleum Ltd and Oil Search Ltd down more than 2.0 per cent, according to a news agency report.