Australia Stocks Erase A$18.6b on Emerging Market Contagion Fear

(Bloomberg) -- The S&P/ASX 200 Index fell 1 percent to close at 6,230.40 in Sydney, wiping out A$18.6 billion ($13.4 billion) to extend its longest losing streak in more than three months on concern emerging-market contagion will spill into developed markets and as U.S.-China trade tensions persist.

Sigma Healthcare Ltd. was among the best performers ahead of its first-half results on Thursday. Orocobre Ltd. was the worst after saying that Argentina’s export tax will equate to a levy of about 8% of its local venture’s export sales revenue.

Australia Stocks Erase A$18.6b on Emerging Market Contagion Fear

In New Zealand, the NZX 50 index fell 0.7 percent to close at 9,228.00.

ADVANCERS

  • Sigma Healthcare +5.2%; NOTE: down since cutting profit forecast in July
  • Reliance Worldwide +3.7%; fell 10% since Aug. 29 as of Tuesday’s close
  • Vocus +3.5%

DECLINERS

  • Orocobre -13%; Orocobre Slides to Lowest in Year After Argentina Export Tax
  • Sims Metal Management -5.1%, pares Tuesday’s 7% gain
  • Western Areas -4.9%; Nickel Near Lowest This Year as Metals Weaken Again

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  • For Australian stocks to watch, check out NI SWAU. Click NI AUSTREET for a wrap of analyst research notes

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