Aussie share market slumps with broad losses

Source: Xinhua| 2019-05-29 14:54:15|Editor: ZX
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SYDNEY, May 29 (Xinhua) -- The Australian share market slumped on Wednesday, with all sectors except for communication services trending firmly lower.

At the market close, the benchmark S&P/ASX 200 index was down 44.80 points or 0.69 percent at 6,440.00, while the broader All Ordinaries index was down 43.80 points or 0.67 percent at 6,536.60.

"This is enough to wipe out all of yesterday's gains and has been triggered by a weak lead from Wall Street," Commsec market analyst Steven Daghlian said.

"American equities fell by as much as 0.9 percent after President Trump said he is 'not yet ready' to make a trade deal with China."

Locally, industrials were down over 1.4 percent, while consumer stocks and healthcare also fell sharply.

Resource stocks weighed heavily as did the banks and tech.

The exception on the Aussie index was communication services which managed a modest lift of 0.1 percent.

In the financial space, Australia's big banks were mixed with the Commonwealth Bank down (0.21 percent), ANZ up (0.07 percent), the National Australia Bank up (1 percent) and Westpac Bank down (0.57 percent).

Mining stocks were mostly lower with Rio Tinto down (0.70 percent), Fortescue Metals down (1.95 percent) and BHP down (0.78 percent), however goldminer Newcrest was unchanged (0.45 percent).

The country's oil and gas producers were also mostly lower with Oil Search down (0.97 percent) and Santos down (1.63 percent), however Woodside Petroleum was unchanged (0 percent).

Australia's largest supermarkets varied with Coles up (0.16 percent), and Woolworths down (1.59 percent).

Meanwhile telecommunications giant Telstra lifted (0.14 percent), the national carrier Qantas was unchanged (0 percent) and biomedical firm CSL slumped (1.5 percent).