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Australia shares near two-week low as energy, financial stocks weigh

Published 22/10/2020, 11:57 am
© Reuters.
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* Weak oil prices hammer energy index

* Woodside, Santos report lower qtrly revenue

* Financial index posts worst day since Sept. 30

Oct 22 (Reuters) - Australian shares slumped to a near two-week low on Thursday, weighed by energy and financial stocks, after an impasse in U.S. stimulus talks tempered market sentiment globally.

Broad-based losses pushed the S&P/ASX 200 index .AXJO down 1.5% or 90.10 points to 6,101.70 by 2348 GMT. The benchmark gained 0.1% on Wednesday.

The energy index .AXEJ tumbled 2.5% to lead losses, as oil prices fell 3% overnight after U.S. inventory figures showed demand for refined products lagged as global coronavirus cases spiked. O/R

Sector heavyweights Santos Ltd STO.AX and Woodside Petroleum WPL.AX fell about 2% each as the oil and gas producers reported lower quarterly sales. Street fell overnight with investors fretting if the talks between lawmakers would result in a much-needed coronavirus relief bill as House Speaker Nancy Pelosi expressed doubts over its passage before the presidential elections. .N

Heavyweight Australian financial stocks .AXFJ slid 1.6% to mark its worst day since Sept. 30, pressured by a 5% drop in wealth manager AMP Ltd AMP.AX and losses in the "Big Four" banks.

Australia and New Zealand Banking Group ANZ.AX , National Australia Bank NAB.AX Commonwealth Bank of Australia CBA.AX and Westpac Banking Corp WBC.AX - lost between 1.1% to 2%.

AMP said its Australian arm saw net outflows of A$1.95 billion ($1.38 billion) over three months ended Sept. 30 and flagged further losses of A$450 million in the coming quarter. healthcare index .AXMM fell 0.5%, with industry behemoth CSL Ltd CSL.AX falling 1.8%.

In a bright spot, medical centre operator Healius Ltd HLS.AX rose 5.8% to top the ASX200 after giving a positive first-quarter update. New Zealand, the benchmark S&P/NZX 50 index .NZ50 fell 0.4% to 12,378.2.

Telecom infrastructure company Chorus Ltd CNU.NZ and Skycity Entertainment Group Ltd SKC.NZ fell 2.4% and 2.6%, respectively, and were among top laggards.

($1 = 1.4081 Australian dollars)

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