ASX 200 falls again in Tuesday morning trade with healthcare stocks dragging the Australian share market lower


A global sell-off has pushed Australian shares lower again at the open, with healthcare and energy shares dragging on the market, and the banks and miners flat.

The benchmark S&P/ASX200 index is down 18.6 points, or 0.3 per cent, at 6,081.7 at 1030 AEST on Tuesday, while the broader All Ordinaries is down 21.2 points, or 0.34 per cent, at 6,197.4, extending losses into consecutive sessions after the local market had suffered its worst day in six months on Monday.

The Aussie is buying 70.76 US cents, up from 70.60 US cents at Monday’s close, but still lingering around multi-year lows.

Continued weaknesses in US and European equity markets are again taking a toll locally, with the yield on the 10-year Treasury note, which hit a seven-year high last week, keeping Wall Street on edge.

The local financials sector is flat, with ANZ and Westpac up 0.93 and 0.42 per cent, and NAB unchanged, while Commonwealth Bank shares are down 0.03 per cent to $69.33 after it announced a remediation program for deceased estates, having charged 12 accounts with unauthorised financial advice fees.

The heavyweight materials sector was also flat despite copper and iron ore prices firming, with giants BHP up 0.49 per cent to $34.67, and Rio Tinto up 0.48 per cent to $79.41.

The softening overnight aluminium price was having a mixed effect, with South32 up 0.13 per cent but Alumina Ltd down 0.35 per cent, while a dip in the gold price hit Newcrest Mining, down 1.22 per cent, but not Northern Star or Evolution, which were slightly higher.

Energy stocks were down after oil prices dropped sharply, then recovered ground, overnight, while industrials and infotech were also down in early trade.

Healthcare giant CSL, down 0.88 per cent to $195.395, weighed heavily on the sector.

Meanwhile, Ramsay Health Care’s French subsidiary has raised its bid for European private hospital operator Capio by 20 per cent to $1.28 billion.

The Port of Newcastle has been ordered by the ACCC to reduce its charges for ships entering the port to carry coal for Glencore , in a big win for the global miner.

The Australian Bureau of Statistics is expected to release livestock slaughter rates data at 1130 AEST.

With AAP 

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