SYDNEY, AAP – Investors have lost Monday’s gains on the Australian share market following a mostly dour mood on Wall Street.
The market on Tuesday was down 0.84 per cent at 1200 AEST and there were big falls for healthcare, technology, mining and property shares.
Market giant CSL dropped 3.45 per cent to $295.68.
The heavyweight miners fell despite the iron ore price climbing overnight.
* Fortescue dropped more than four per cent to $15.11.
* Rio Tinto declined by more than two per cent to $98.36.
* BHP shed more than one per cent to $37.27.
In technology, financial software vendor Xero shed almost four per cent to $144.01.
The benchmark S&P/ASX200 index was lower by 62.4 points, or 0.84 per cent, to 7321.8.
The All Ordinaries was down 65.9 points, or 0.85 per cent, to 7624.8.
Wall Street markets were mostly weighed down by investors preferring value stocks to the technology giants.
Traders said there was a theme of economic reopening as stocks which were more sensitive to economic changes prospered.
Benchmark US Treasury yields rose to the benefit of rate-sensitive financials.
Investors will be looking ahead to US Federal Reserve chair Jerome Powell’s appearance at a US senate hearing this week.
The central bank is expected to soon start easing the stimulus which helped the world’s biggest economy through the pandemic.
In Australia, retail spending fell for a third month in a row in August.
Coronavirus lockdowns in some states caused retail turnover to fall by 1.7 per cent.
On the ASX, the big four banks were higher. The Commonwealth was best and gained more than one per cent.
Energy shares surged. Oil prices were higher for five consecutive days during overnight US trade, though have since eased.
Oil Search, Santos and Woodside shares were higher by more than four per cent.
Beach Energy shares were up 7.69 per cent to $1.33.
The company has agreed to supply liquefied natural gas to BP Singapore.
Beach will provide 3.75 million tonnes from the Waitsia gas project in Western Australia.
The price will be linked to Brent and Japan Korea Marker indices.
Origin Energy will invest a further $70 million in technology provider and renewables group Octopus Energy to maintain a 20 per cent stake.
A sustainable investment group has bought seven per cent of Octopus and tripled the latter’s value to about $5.5 billion.
Origin last year took its first stake in Octopus, which has more than 5 million retail customers mostly in Europe.
Origin shares were up 3.32 per cent to $4.66.
Telix Pharmaceuticals received a $12.1 million tax refund for research.
Company leaders also expect to receive more tax rebates on overseas research following discussion with the Australian government.
Shares were down 1.52 per cent to $5.81.
Growthpoint Properties will invest more in industrial property.
Growthpoint will buy more than $50 million worth of stapled securities in industrial property trust APN Industria REIT.
The latter last week revealed plans for an equity raising.
Growthpoint shares were down two per cent to $4.14.
The Australian dollar was buying 72.79 US cents at 1200 AEST, higher from 72.77 US cents at Monday’s close.