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Australian shares close 0.5% lower as Utilities shed 4.2%

Published 12/12/2022, 04:26 pm
Updated 12/12/2022, 04:29 pm
© Reuters
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By Oliver Gray 

Investing.com - The S&P/ASX 200 fell 32.4 points or 0.5% to 7,180.8 during Monday’s trade, extending losses of 1.3% in the previous week and trading at 3-week lows amid heavy losses in the Utilities sector after the Federal government intervened in the gas and coal markets last Friday.

Among stocks, Origin Energy Ltd (ASX:ORG) shed 7.8% while AGL Energy Ltd (ASX:AGL) dropped 2.6%.

Materials fell 1.5% collectively, with Rio Tinto Ltd (ASX:RIO) down 0.7%, BHP Group Ltd (ASX:BHP) falling 1.5%, Fortescue Metals Group Ltd (ASX:FMG) down 1.3% and Champion Iron Ltd (ASX:CIA) losing 1.6%.

Staples lost 1.1% overall as Woolworths Ltd (ASX:WOW) lost 1.3%, Coles Group Ltd (ASX:COL) fell 0.9% Endeavour Group Ltd (ASX:EDV) shed 1.4% and Inghams Group Ltd (ASX:ING) fell 2.8%.

On the bond markets, Australia 10-Year rates were at 3.388% while United States 10-Year yields were at 3.567%.

In New Zealand, the NZX 50 fell 0.8% to 11,506.5.

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