March 13 (Reuters) - Australian shares fell 1% to hit a
nearly two-month low on Monday, tracking Wall Street losses in
the previous session following the failure of a U.S.
startup-focused bank and strong February employment data.
The S&P/ASX 200 index fell 1% to 7,077.10 by 0020
GMT. The benchmark fell 2.3% on Friday.
Startup-focused lender SVB Financial Group became
the largest bank to fail since the 2008 financial crisis on
Friday, in a sudden collapse that roiled global markets. Moreover, the closely monitored non-farm payrolls report
showed the U.S. economy added more jobs than expected in
February, while the unemployment rate rose.
On the domestic bourse, technology stocks slipped
2.6%, tracking a fall in their Wall Street peers on Friday.
Block Inc's ASX-listed shares fell 1.7%.
Heavyweight financial stocks slipped 1.2%, with the
so-called 'Big Four' banks retreating between 0.2% and 0.8%.
Real estate stocks and healthcare stocks fell 2.4% and 1.5%, respectively.
Bucking the trend, mining stocks edged up 0.5% on
optimism around China's steel demand, as the country enters its
peak spring construction season. Sector majors BHP Group and Rio Tinto rose 1.2% and 0.6%,
respectively. Gold stocks rallied 3.5% on bullion strength, and
were set for their best day in nearly six weeks. Newcrest Mining and Northern Star Resources added 2.7% and
3.6%. Most antipodean technology companies announced that they did
not have material exposure to the collapse of SVB.
Australia's Nitro Software said that about $12.18
million of its global cash reserves were held on deposit at SVB,
adding that the development does not impact private equity firm
Potentia Capital's A$532.3 million ($352.49 million) takeover
offer for the software maker. It's shares were up 0.2%.
New Zealand's benchmark S&P/NZX 50 index fell 1% to
reach 11,610.10.
(Reporting by Poonam Behura; Editing by Rashmi Aich)
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