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Australian shares hit by commodity prices Asia's shares hit by commodity price slides
(about 7 hours later)
Shares in Australia fell as much as 2% early on Friday as falling commodity prices hit energy related stocks. Asian stock markets saw sharp falls as a drop in the price of commodities hit energy-related stocks.
Shares in BHP Billiton, Australia's biggest miner, were down close to 3% in early trade. Australia's benchmark S&P/ASX 200 index closed down 1.45% at 5,051.30.
Overnight the Brazilian government fined BHP and its partner Vale for a dam burst at their jointly owned mine. Shares in BHP Billiton, Australia's biggest miner, were down as much as 3% in early trade, but recovered slightly to close down 1.84%.
Sydney's benchmark S&P/ASX 200 index was down 1.66% at 5,040.10 in mid morning trade. The commodities index was at its lowest level since 1999. Commodity prices have been falling all week, with the price of copper hitting a six-year low, and oil near six-and-a-half-year lows.
"The slide in commodities has seen BHP at its lowest price in a decade and has seen the Australian energy sector cross over the 30% decline level for the first time this year," IG Market's Evan Lucas told the BBC."The slide in commodities has seen BHP at its lowest price in a decade and has seen the Australian energy sector cross over the 30% decline level for the first time this year," IG Market's Evan Lucas told the BBC.
He said the material sector - which includes mining and refining of metals as well as chemical producers - was now making up 13.5% of the Australian stock exchange, down from 27% in 2011, he said. He said the materials sector - which includes mining and refining of metals as well as chemical producers - was now making up 13.5% of the Australian stock exchange, down from 27% in 2011.
"The only commodities to see green in overnight trade were coffee, sugar and beef," Mr Lucas added."The only commodities to see green in overnight trade were coffee, sugar and beef," Mr Lucas added.
Oil prices also fell sharply after a report from producers' cartel Opec indicated that the excess in supply would continue. Adding to BHP's problems, the Brazilian government fined BHP Billiton and its partner Vale for a dam burst at their jointly-owned mine.
Elsewhere in Asia In Hong Kong, the Hang Seng index was down 2.3% at 22,361.99, while China's Shanghai Composite index was down 1.15% at 3,590.33 in afternoon trade.
Shares across the rest of Asia were largely down on Thursday, following Wall Street's poor finish, and as investors continued to worry about a possible rate hike in the US this year. Japan's benchmark Nikkei 225 index closed down 0.5% at 19,596.91, while South Korea's Kospi index closed down 1% at 1,973.29.
Japan's the benchmark Nikkei 225 index fell as much as 1% in early trade. By mid morning, it was down 1.33% at 19,435.03.
In Hong Kong, the Hang Seng benchmark index was down 1.88% at 22,457.81, while the Shanghai Composite share index was down 0.69% at 3,607.46.
South Korea's benchmark Kospi index was down 1.02% at 1,973.41 after the country's central bank left its rates on hold on Thursday.