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ASX slides for first time in nearly a week

Monday, 21 Mar 2016 15:23:37 | Justine Parker

(Getty Images: Daniel Munoz)

The share market has closed lower for the first time in nearly a week, as lower oil prices hit energy stocks and banks lost ground.

The All Ordinaries index fell by 0.33 per cent to close at 5,225 and the ASX 200 index fell by 17 points to finish on 5,168.

Just before the close of trade, the ASX announced chief executive Elmer Funke Kupper had resigned after four-and-a-half years in the job, amid an investigation into corruption allegations.

Mr Funke Kupper has also taken a leave of absence from the board of the gaming company Tabcorp, where he had also previously served as chief executive.

Last week, allegations emerged that Tabcorp paid $200,000 to the family of Cambodian Prime Minister Hun Sen in 2010.

Australian Federal Police are now investigating Tabcorp's activities at the time.

The ASX said Mr Funke Kupper wanted to direct his full focus to investigations that may be made into the matter.

ASX shares closed 0.4 per cent lower at $41.13.

Elsewhere, energy stocks had the biggest falls after leading the gains last week.

A drop in oil prices added to the gloom for the energy sector. Origin Energy shares fell by 3.2 per cent to $5.20.

Higher iron ore prices did little to boost the share price of miners of the commodity — Fortescue Metals lost 0.4 per cent to $2.74.

But gold miners enjoyed a boost after a rise in gold prices, with Regis Resources gaining 3.4 per cent to $2.45.

The big four banks all lost ground — the Commonwealth Bank fared the worst, down 1.3 per cent to $77.14.

Meanwhile, healthcare stocks bucked the trend, with Primary Health Care gaining 2.7 per cent to $3.80.

The Australian dollar slipped against the greenback and about 5pm (AEDT) was buying 75.8 US cents.

It was also fetching 67.2 euro cents, 84.5 Japanese yen and 52.5 British pence.

Spot gold was also slipping after overnight gains, buying $US1,247 an ounce.

Oil was lower with Brent crude falling to $US40.91 a barrel.

AustraliaPlus


 

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