July 20 (Reuters) - Australian shares fell more than 1% on
Tuesday, following a sell-off on Wall Street as rising global
coronavirus cases soured risk appetite, while Oil Search jumped
after rejecting a takeover bid from Santos.
The S&P/ASX 200 index was down 1.1% to 7,205.0 by
0014 GMT, hitting its lowest level since June 2.
Overnight, all three major U.S. stock indexes ended sharply
lower as rising Delta variant infections dampened risk appetite
and revived worries about a slowdown in economic recovery and
Heavyweight miners were the top drags on the
Australian benchmark index, losing as much as 2.2%.
Perenti Global and Champion Iron were the
biggest losers in the sub-index, shedding 6.7% and 4.6%,
BHP Group slipped 2.7% after the world's largest
listed miner reported a drop in its fourth-quarter iron ore
output, and lower annual production across four of its six major
Energy stocks fell 2.3% and were headed for a fourth
consecutive session of drop, with Worley and Beach
Energy being the top drags, losing about 4% each.
Oil Search jumped as much as 5.2% after it rejected
a takeover offer by Santos, which valued the Papua New
Guinea-focused oil and gas producer at A$8.83 billion ($6.48
billion), saying it was "not in the best interest of
Tech stocks erased early gains to trade 0.4% higher,
with buy-now-pay-later firm Afterpay adding 1.9% after
it announced the launch of a new banking application in October.
New Zealand's benchmark S&P/NZX 50 index fell 0.9%
to 12,543.8, hitting its lowest since June-end.
The top percentage losers were Serko, down 3.4%,
and Vista Group International, losing 2.8%.
Elsewhere, Japan's Nikkei was down 0.81% to
27,429.12, while S&P 500 E-minis futures were up 0.37%.
($1 = 1.3626 Australian dollars)
(Reporting by Sameer Manekar in Bengaluru; Editing by