Australian shares fell in broad-based selling on Thursday, with heavyweight miners leading losses, while investors gauged data that showed the country’s employment fell sharply in December after two months of surprisingly strong growth.
The S&P/ASX 200 index fell 0.6% to 7,393.1 points by 0054 GMT, hovering at an over one-month low, and set for its fifth straight day of losses.
The benchmark index dropped 0.3% on Wednesday, its lowest closing level since mid-December.
Figures from the Australian Bureau of Statistics showed net employment dived 65,100 in December from prior month, when it surged to a revised 72,600.
Market forecasts had been for an increase of around 17,600.
Heavyweight miners led declines on the bourse, dropping as much as 1.8% to their lowest level since Nov. 14. Iron ore futures and metal prices fell on Wednesday on concerns over China’s economy after disappointing data.
Shares of BHP Group fell as much as 2.2%, their biggest daily drop in more than two months.
Australian shares dip as gold, energy stocks drag
The world’s largest-listed miner posted a 2.2% drop in second-quarter iron ore production, and said it was evaluating options for its nickel operations following a slump in prices.
Energy stocks fell 1.3%, with sector majors Woodside Energy and Santos retreating 0.7% and 0.9%, respectively.
Gold stocks also extended losses, dropping as much as 1.7% to their lowest level since Oct. 9, after bullion prices hit a one-month low.
Top gold miner Northern Star Resources lost 0.6%.
Among individual stocks, Liontown Resources slumped as much as 14.7% to its lowest since July 2022, and topped losses in the benchmark index, after lithium giant Albemarle sought to sell its stake in the company.
Fuel retailer Ampol fell as much as 3%, after posting a drop in fourth-quarter refining volumes and margin at its Lytton refinery in Queensland. New Zealand’s benchmark S&P/NZX 50 index fell 0.4% to 11,716.57 points.
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