Australian shares slip

Dhaka,  Tue,  22 August 2017
Published : 12 May 2017, 14:13:32

Australian shares slip as banks turn lower

Australian shares slip
Australian shares slipped on Friday, hurt by financials, while strong gains in the materials sector driven by the gold and copper prices helped curtail some of the losses.

The S&P/ASX 200 index fell 0.7 per cent, or 41.44 points to 5,836.9 by 0233 GMT. The benchmark is on track to end the week flat.

Commonwealth Bank of Australia and Westpac Banking Corp both fell 0.7 per cent, dragging the financials index lower.

The declines on the Australian benchmark were broad-based with nine out of 10 sectors in the red.

Declining issues outnumbered advancing ones on the index by a 5.2-to-1 ratio.

The mining sector was among the few bright spots, underpinned by a rise in gold and copper prices.

Global miners BHP Billiton Ltd and Rio Tinto Ltd climbed 0.8 per cent and 0.9 per cent, respectively, as copper prices touched a one week-high on Thursday after funds cut bearish bets.

In the gold space, Newcrest Mining Ltd jumped as much as 4.1 per cent, posting its biggest intra-day percentage gain in eight weeks, after the yellow metal rose on Thursday following eight sessions in which prices had been flat or lower, reports Reuters.
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