Australia Stocks Erase A$18.6b on Emerging Market Contagion Fear
Here's What You Need to Know About Australian Stocks Today
(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.
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
To contact the reporter on this story: Matthew Burgess in Sydney at mburgess46@bloomberg.net
To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Tim Smith, Teo Chian Wei
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