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Australia shares slip as recession worries weigh on commodities

06/23/2022 | 09:21pm EDT

June 24 (Reuters) - Australian shares tumbled on Friday with local miners and energy stocks leading losses, as rising concerns about a recession extended weakness among the prices of commodities.

The S&P/ASX 200 index fell 0.11% to 6,521.1 points by 0051 GMT, but was up 0.7% for the week. The benchmark ended 0.31% higher on Thursday.

Domestic investors sought to counter declines in commodities against a broader global rally led by Wall Street overnight. Nevertheless, they had a cautiously positive week.

Energy stocks skidded as much as 2.5% to be the biggest laggards on the main index, after oil prices dropped by nearly $2 a barrel overnight after another round of remarks from Federal Reserve Chair Jerome Powell fanned worries U.S. interest rate hikes would slow economic growth.

Sector heavyweights Woodside Energy and Santos declined 3% and 3.1%, respectively, with Santos hitting its lowest since Feb. 25.

Mining stocks fell 1.9% after prices of base metals tumbled overnight amid concerns about a global recession.

Sector heavyweights BHP Group, Rio Tinto and Fortescue dropped between 2.2% and 2.5%, with BHP and Rio hitting their lowest since May 10.

Shares in Vulcan Energy surged 24.6%, set to mark their best day since Jan. 19, after the lithium miner announced it had brought European automaking giant Stellantis on board as its second-largest shareholder.

Qantas Airways was up 1.6% after the airlines group said its net debt was expected to fall to around A$4 billion ($2.76 billion) by June 30 and that it anticipates a return to profit in financial year 2023.

New Zealand's benchmark S&P/NZX 50 index did not trade on account of a public holiday.

($1 = 1.4499 Australian dollars) (Reporting by Riya Sharma in Bengaluru; Editing by Shailesh Kuber)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP LIMITED -0.77% 38.83 Delayed Quote.-7.71%
FORTESCUE METALS GROUP LIMITED -0.52% 18.975 Delayed Quote.-1.98%
LONDON BRENT OIL -0.25% 99.1 Delayed Quote.24.53%
QANTAS AIRWAYS LIMITED -0.53% 4.67 Delayed Quote.-6.39%
S&P/ASX 200 -0.70% 7021.2 Real-time Quote.0.00%
SANTOS LIMITED 0.56% 7.16 Delayed Quote.10.30%
STELLANTIS N.V. 0.52% 14.68 Real-time Quote.-11.98%
STELLANTIS N.V. 0.53% 14.686 Delayed Quote.-12.45%
VULCAN ENERGY RESOURCES LIMITED -3.00% 9.39 Delayed Quote.-6.92%
WOODSIDE ENERGY GROUP LTD 3.23% 32.6 Delayed Quote.44.96%
WTI -0.26% 93.831 Delayed Quote.21.43%
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