INSUBCONTINENT EXCLUSIVE:
Australian shares eased marginally on Wednesday, unable to follow through on the previous day's recovery as financials took another hit and
mining stocks slumped on the back of falling commodities prices.
The SP/ASX 200 index fell 0.1 per cent or 3.80 points to 6,175.90 at the
close of trade, having risen 0.6 per cent in the previous session
The index has now fallen for nine of the last 10 sessions.
Banks and insurers were battered by the latest revelations from a high profile
months-long inquiry of widespread misconduct in the industry
The inquiry heard on Wednesday that insurers use high-pressure tactics to prevent customers from cancelling their policies and even hang up
on them when they try to do so.
A weaker Australian dollar added to their woes, said Mathan Somasundaram, Market Portfolio Strategist with
Blue Ocean Equities.
Index heavyweight Australia and New Zealand Banking Group Ltd slipped 0.7 per cent, while Westpac Banking Corp fell 0.6
per cent.
Insurance majors Suncorp Group Ltd and QBE Insurance Group Ltd were trading 1.7 per cent and 0.4 per cent lower, respectively.
A
sell-off in Chinese iron ore futures led to a weakness in mining stocks.
BHP, the world's biggest miner, was eased 0.3 per cent, while
Fortescue Metals Group Ltd fell 3 per cent to a more than two-year low.
However, higher oil prices boosted demand for local energy stocks,
braking the benchmark's slide.
Woodside Petroleum Ltd firmed 1.6 per cent, while Santos Ltd rose 2.7 per cent to its highest since August
23.
Meanwhile, New Zealand's benchmark SP/NZX 50 index dipped 0.3 per cent or 30 points to finish the session at 9,195.57.
Teleco Spark New
Zealand Ltd fell 1.1 per cent and was the biggest drag on the main index, while casino operator Skycity Entertainment Group Ltd dipped 2.4
(Reporting by Aditya Soni in Bengaluru; Editing by Simon Cameron-Moore)
