Steep falls among Australia’s biggest miners have pushed the sharemarket lower after weak Chinese trade data lead to a fall in commodity prices.
Chinese import and export figures released on Saturday showed an unexpected trade deficit of $US22.98 billion ($A25.37 billion), vastly different to a $US11.9 billion surplus economists had forecast.
CMC chief market strategist Michael McCarthy said the poor Chinese trade data and the country’s first corporate bond default led to steep falls in metals prices.
“Mining shares and the broader Australian market were dragged down with them,” he said.
“However, lower than usual volumes and the index holding above key chart support levels may mean the phenomenon is short lived.”
Still, healthcare, staples and industrial stocks were well supported.
Iron-ore focused stocks suffered the biggest falls as its price dropped.
Fortescue Metals shares fell 50 cents, or 9.4 per cent, to $4.93, Arrium had shed 16 cents to $1.34 and Atlas Iron had dropped 10 cents to 93.25 cents.
BHP Billiton was $1.54 lower at $36.18 and Rio Tinto had lost $3.80 to $61.14.
Meanwhile, Leighton shares rose $2.37 to $23.09 after controlling shareholder Hochtief made a $1.15 billion conditional bid to increase its stake in the Australian construction group.
Among the major banks, National Australia Bank dipped nine cents to $34.65, ANZ had lost 27 cents to $32.31, Westpac had shed 13 cents to $33.77 and Commonwealth Bank was 25 cents lower at $75.75.
KEY FACTS
* At the close on Monday, the benchmark S&P/ASX200 index was 50.8 points, or 0.93 per cent, lower at 5,411.5.
* The broader All Ordinaries index was down 46.2 points, or 0.84 per cent, at 5,430.8.
* The March share price index futures contract was 57 points lower at 5,415, with 21,901 contracts traded.
* National turnover was 1.4 billion securities worth $4.1 billion.
