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Australian shares hit three-month low on slowdown worries

09/25/2022 | 09:31pm EST

Sept 26 (Reuters) - Australian shares hit a more than three-month low on Monday, with investors staying away from riskier assets on fears of a global slowdown, as the U.S. Federal Reserve maintained its hawkish monetary policy stance to fight red-hot inflation.

The S&P/ASX 200 index dropped as much as 1.9% by 0022 GMT, its lowest since June 21. The benchmark hits its lowest in two months on Friday.

The market reflected a broader weakness, as investors continued to reposition themselves amid fears of an economic slowdown, after the Fed raised rates by another 75 basis points for the third consecutive time last week and warned of further increases.

Energy Stocks were the top laggards and fell 5.2%, their biggest drop in more than two months.

Oil and gas majors Woodside Energy and Santos slipped 5.2% and 4.7%, respectively.

Miners slid 4.5%, hitting their lowest since July 25, with BHP and Rio Tinto dropping more than 3% each.

Weak bullion prices dragged the gold sub-index down 4.9% to hit a five-year low, with the country's largest gold miner Newcrest Mining slipping 3.2%.

Financials declined 1.4%, with the 'Big Four' banks down 0.8%-1.2%.

Healthcare stocks were the only gainers, adding 0.2%. However, Ramsay Health Care dipped 5.1% after the hospital operator said it would cease discussions with consortium led by KKR & Co on the buyout proposal.

Separately, Link Administration tumbled 6.7% and was among the top losers on ASX, after its $1.6 bln buyout by Canada's Dye & Durham fell through on Friday.

Fruit grower Costa Group tumbled 11.8% to its lowest since February 2016 and was the top loser on ASX after Sean Hallahan stepped down as chief executive officer and managing director.

Markets in New Zealand were closed due to a public holiday. The New Zealand benchmark fell 0.7% on Friday. (Reporting by Navya Mittal in Bengaluru; Editing by Rashmi Aich)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 1.72% 0.67977 Delayed Quote.-8.40%
BHP GROUP LIMITED 2.24% 46.51 Delayed Quote.36.58%
BRENT OIL 1.94% 86.56 Delayed Quote.6.82%
BRITISH POUND / US DOLLAR (GBP/USD) 1.15% 1.20775 Delayed Quote.-11.61%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 1.28% 0.74522 Delayed Quote.-6.29%
COSTA GROUP HOLDINGS LIMITED 1.89% 2.69 Delayed Quote.-12.87%
DYE & DURHAM LIMITED -2.86% 13.59 Delayed Quote.-68.83%
EURO / US DOLLAR (EUR/USD) 0.99% 1.04254 Delayed Quote.-9.04%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.33% 0.012292 Delayed Quote.-8.79%
KKR & CO. INC. 2.71% 51.92 Delayed Quote.-32.15%
LINK ADMINISTRATION HOLDINGS LIMITED -0.56% 3.51 Delayed Quote.-36.45%
NAVYA -8.48% 0.0939 Real-time Quote.-95.02%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 1.88% 0.63131 Delayed Quote.-9.85%
NEWCREST MINING LIMITED 4.29% 20.68 Delayed Quote.-19.08%
RAMSAY HEALTH CARE LIMITED 0.36% 66.05 Delayed Quote.-8.48%
RIO TINTO PLC 0.40% 5585 Delayed Quote.13.72%
S&P GSCI GOLD INDEX 1.55% 1040.99 Real-time Quote.-3.59%
S&P/ASX 200 1.22% 7370.7 Real-time Quote.0.00%
SANTOS LIMITED 0.54% 7.44 Delayed Quote.16.16%
WOODSIDE ENERGY GROUP LTD -1.31% 36.75 Delayed Quote.67.94%
WTI 2.29% 80.509 Delayed Quote.1.55%
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