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Category: Markets / Stockmarket / Currency

Australian shares hit as commodity rout resumes

Tuesday, 5 Apr 2016 10:45:28 | Michael Janda

An electronic display shows data at the Australian Stock Exchange in Sydney, Friday, September 23, 2011. The world's major economies are pledging to take strong actions to restore financial stability. (AAP: Tracey Nearmy)

Australian shares have fallen around 1.5 per cent amid a renewed decline in commodity prices, especially oil.

Crude oil prices fell around 3 per cent overnight, with September iron ore futures matching that decline.

That has prompted a steep sell-off for commodities producers, with oil and gas firms particularly hard hit.

Woodside was off 3.2 per cent to $24.18 by 12:30pm (AEST), on track for its lowest closing price in more than a decade.

Oil Search and Santos were also down well over 3 per cent, but Origin was bucking the trend with a slight gain to $4.64.

BHP Billiton, which has extensive oil and gas interests (especially in the US), was down 3.3 per cent to $15.98.

Miners more focused on iron ore had smaller declines - Rio Tinto was off 1.6 per cent to $42.15, while iron specialist Fortescue was 1.4 per cent lower.

With Australia seen as a commodity reliant economy, the major banks and retailers were also hit in the sell-off.

The Commonwealth and Westpac were both down more than 2 per cent, ANZ 1.7 and NAB 1.4 per cent.

Woolworths was on track for its lowest close in almost a decade, down 2.2 per cent to $21.19.

Rival Wesfarmers was off 1.7 per cent to $40.18, while department store Myer lost 2.8 per cent, Harvey Norman 3.4 per cent and JB Hi-Fi 1 per cent.

Telstra was down 1 cent at $5.25.

The main companies posting gains were industrials and exporters who might benefit from a lower Australian dollar.

Ansell was up 2 per cent to $17.14, James Hardie was 1.2 per cent higher.

The Australian dollar fell on weaker-than-expected trade figures, hitting 75.75 US cents.

Overall, the benchmark ASX 200 index was 1.5 per cent lower at 4,922 and the All Ordinaries was 1.4 per cent down at 4,997.

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