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Australian shares fall on lower commodity prices

Australian shares fall on lower commodity prices

Australia's share market ended a seven-day winning streak Wednesday with falling commodity prices pushing resource and energy stocks lower.
The benchmark S&P/ASX200 index lost 41.63 points to 5,142.7, while the All Ordinaries dropped 39.67 to 5,101.5.
Falling oil and gold prices were the main drag on the market Wednesday, according Ausbil Dexia Chief Executive Paul Xiradis.
"What we've seen today is that those stocks associated with gold or commodities are sharply down," he said. "A lot of the oil stocks are down three or four per cent and the leading resources companies, like BHP and Rio, are down."
Mining giant BHP Billiton plunged 4.59 percent to A$24.76, while rival Rio Tinto lost 2.8 percent to A$68.01.
Among energy stocks, Woodside Petroleum retreated 2.85 percent to A$37.45 and Santos fell 3.8 percent to A$10.55.


Updated : 2021-04-17 20:51 GMT+08:00