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Australia shares end lower as miners drag on China power concerns

09/28/2021 | 03:09am EDT

* Energy stocks track crude higher

* Miners down on demand worries

* NZX 50 fell 0.4%

Sept 28 (Reuters) - Australian shares ended lower on Tuesday, dragged down by heavyweight miners, as investors weighed the potential impact of a widening power shortage in China.

The S&P/ASX 200 index fell 1.47% to finish the session at 7,275.6 points, wiping out nearly all the gains made last week. The benchmark closed 0.57% higher on Monday.

Australia's top trading partner China is in the grip of a power crunch, which has halted production at several factories, including many that supply components to Apple and Tesla.

That led to major Australian miners falling 2.6%, as iron ore and base metal prices slipped on worries about demand.

The country's big mining triumvirate, BHP Group, Rio Tinto and Fortescue Metals, skidded between 2.3% and 5.6%.

Technology stocks fell 2.85%, tracking Wall Street's tech-heavy Nasdaq Composite Index, which fell 0.52% overnight

Heavyweight software as a service firm Xero Ltd led losses on the sub-index, falling 6.4%, followed by data centre operator NEXTDC Ltd losing 4.8%.

Energy shares were a bright spot, soaring 4.34% to hit over three months high as oil prices extended their rally into a sixth session on Tuesday amid continued concerns over tight supply.

Beach Energy Ltd and Oil Search Ltd led gains on the sub-index, advancing 10.5% and 7.1%, respectively.

Australian retail sales fell 1.7% in August to A$29.3 billion ($21.27 billion), but beat market forecasts of a 2.5% slide.

New Zealand's benchmark S&P/NZX 50 index fell 0.4% to finish the session at 13174.4 points. ($1 = 1.3778 Australian dollars) (Reporting by Riya Sharma in Bengaluru; Editing by Ramakrishnan M.)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.53% 148.69 Delayed Quote.12.06%
BEACH ENERGY LIMITED -3.83% 1.38 End-of-day quote.-23.55%
BHP GROUP -2.16% 37.65 End-of-day quote.-11.27%
FORTESCUE METALS GROUP LIMITED -0.69% 14.31 End-of-day quote.-38.92%
NEXTDC LIMITED 0.17% 11.8 End-of-day quote.-3.52%
OIL SEARCH LIMITED -1.81% 4.33 End-of-day quote.16.71%
TESLA, INC. 1.75% 909.68 Delayed Quote.28.91%
XERO LIMITED -0.25% 149.68 End-of-day quote.1.95%
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