March 16 (Reuters) - Australian shares fell more than 2%
on Thursday, tracking losses in global equities as problems at
Credit Suisse renewed fears of a banking crisis and dented risk
appetite.
The S&P/ASX 200 index fell 2.2% to 6,913.90 by 2355
GMT, hitting its lowest since early January. The benchmark rose
0.9% on Wednesday.
Shares of Credit Suisse tumbled after the lender's
largest shareholder, Saudi National Bank , said it
could not provide further financial support for the embattled
Swiss bank.
The troubles at Credit Suisse followed the collapse of U.S.
lenders SVB Financial and Signature Bank ,
which have sent financial markets on a roller-coaster ride. Back in Sydney, energy stocks slid 3.4% to their
lowest in more than five months, after oil prices plunged 5%
overnight. Whitehaven Coal dived 5.4% and New Hope Corp dropped 4.5%. Miners slumped 3.2%, hitting their lowest in more
than three months. Rio Tinto and Fortescue Metals Group fell 4.1% and 3.5%, respectively.
BHP Group fell 4.5% on news the mining group is
potentially facing a 36 billion pound ($44 billion) lawsuit in
London after the number of claimants in Brazil dam case more
than tripled.
Financials dropped 2.3%, with the so-called "big
four" banks down between 1.9% and 2.5%.
Gold stocks advanced 2% after bullion prices rallied
more than 1% overnight. In other news, intellectual property services provider IPH
Ltd and digital payments firm Latitude Group Holdings reported cyber security incidents. IPH shares plunged
11.8%, while trading in Latitude shares was halted.
New Zealand's benchmark S&P/NZX 50 index fell 0.6%
to 11,552.23.
Official data showed the economy contracted in the last
quarter as aggressive interest rate hikes by the central bank
weighed on investment by businesses and consumer spending.
Meanwhile, shares of Fonterra Shareholders' Fund surged as much as 9.8% after the dairy giant reported a 50% jump
in first-half profit.
(Reporting by Poonam Behura; Editing by Subhranshu Sahu)
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