off-the-wire

Australian shares slip as financials, tech stocks weigh

Kitco Media
By Reuters
Published:
Updated:
Reuters
May 15 (Reuters) - Australian shares slipped on Monday as banking and tech stocks declined, while sentiment was also dented by a report from last week that showed U.S. consumer sentiment slumped to a six-month low in May. The S&P/ASX 200 index fell 0.2% to 7,239.2 points by 0101 GMT. U.S. consumer sentiment dropped last month on worries that political haggling over raising the borrowing cap could trigger a recession, a University of Michigan survey showed on Friday.


On Monday, Australian financial stocks led the declines, dropping 1.1%. All four "Big Four" banks slid.


Tech stocks retreated 0.5%, tracking their Wall Street peers lower. Newcrest Mining Ltd rose 1.7% after the gold miner said it would back Newmont Corp's A$26.2 billion ($17.8 billion) takeover offer in one of the world's largest buyouts so far this year. Meanwhile, St Barbara said it would not engage further with Silver Lake Resources on its revised A$707 million ($479.56 million) offer for the gold miner's Western Australian Leonora assets, sending shares about 4% higher. InvoCare climbed 11% after the funeral services provider received a higher A$1.86 billion ($1.26 billion) offer from TPG Global, weeks after the private equity firm withdrew its A$1.81 billion buyout bid.


The mining index advanced 0.6%, with sector heavyweights BHP Group and Rio Tinto rising 1.2% and 0.7%, respectively.


Gold stocks added 1.7% even amid subdued bullion prices. Sector-major Northern Star Resources gained 1.8%. New Zealand's benchmark S&P/NZX 50 index dropped 0.4% to 11,887.66 points. (Reporting by John Biju in Bengaluru; editing by Uttaresh Venkateshwaran)


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