Mining Stocks Dragged On The ASX Today

Photo: Getty / Matt Cardy

The Australian market closed down on the back of weaker demand for commodities and despite strong buying signals from Wall Street.

The US market closed high last week after the Bank of Japan further eased monetary policy, sparking a rally on the local Tokyo market and a steep fall in the Yen against the US Dollar.

The S&P 500 was firmer by 1.2% on Friday for a total weekly rise of 2.7%.

Locally, the S&P 200 closed down today 0.36%. However, since the middle of October the Australian market is up almost 3.5%.

The local market didn’t like weaker Australian building approvals data.

And the miners were marked down on falling commodity prices. Fortescue was down 4.29% to $3.35 and Riot Tinto weaker by 1.04% to $59.78

Gold stocks followed plunging prices for the precious metal. Newcrest Mining was down almost 7.6% to $8.61 as gold continued to trade below $1,200 per ounce.

In other gold miners, Evolution Mining was down more than 11% to $0.53, resolute more than 9% to $0.29 and Beadwell almost 10% to $0.23.

And Woolworths lost almost 5% to $34.24 when the supermarket told the ASX that trading has been soft for the last two months.

Westpac, the last of the big four banks to report full year results, posted a record cash profit of $7.628 billion, up 8%.

However, investors were unimpressed and marked the bank down with its shares closing 0.66% to $34.55. The other big banks were mostly flat.

Qantas lost some of its 30% gain over the last month, closing down 2.38% to $1.64.

In the region, Japan’s market is shut for a holiday and Hong Kong’s Hang Seng was down just 0.10%.

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