off-the-wire

Australian shares edge lower as gold and energy stocks drag

Kitco Media
By Reuters
Published:
Updated:
Reuters
April 18 (Reuters) - Australian shares inched lower on Tuesday, dragged down by gold and energy stocks ahead of a slew of production results, while market participants awaited minutes of the central bank's last policy meeting for further direction. The S&P/ASX 200 index fell 0.4% to 7,355.5 by 0038 GMT. The benchmark rose 0.3% on Monday. Chinese data on retail sales, industrial output and gross domestic product are due later in the day, and analysts see the risks are for an upside surprise given recent strength in trade. Investors were also awaiting minutes of the Reserve Bank of Australia's April meeting where it left the cash rate unchanged, for clues about further interest rate hikes.


In Australia, gold stocks fell 1.7% and were the biggest laggards, after bullion prices slipped below the key $2,000 level on Monday. Sector heavyweights Newcrest Mining and Northern Star Resources fell 1.1% and 1.8%, respectively.


Energy stocks declined 1.5%, with sector majors Santos and Woodside down more than 1.5% each. Financials also fell, with three of the "big four" banks down between 0.3% and 0.2%. Miners rose 0.2%, with iron ore behemoth Rio Tinto up 0.1%.


Tech stocks also gained 0.1%, with ASX-listed shares of Block Inc rising nearly 1%.


New Zealand's benchmark S&P/NZX 50 index fell 0.4% to 11,884.83.



(Reporting by Nausheen Thusoo in Bengaluru; Editing by Subhranshu Sahu)


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