Market wrap: Oil price leads S&P/ASX 200 lower

Credit: Alon

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) resumed its 2016 descent today, falling 1.6%.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.6%
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1.6%
  • AUD/USD at US 69.40 cents
  • Iron Ore at US$39.51 according to The Metal Bulletin
  • Gold at US$1,092.12 an ounce
  • Brent oil at US$29.97 a barrel

The local share market fell hard from the start of trading this morning following weak leads from overseas markets yesterday. US and European shares were rocked by falling iron ore and oil prices, with the latter now sitting at an 11-year low.

Falling oil, coal, natural gas and uranium prices have seen the S&P/ASX 200 Energy (Index: ^XEJ) (ASX: XEJ) index fall 33% over the past 12 months and 9% this year alone.

Unsurprisingly, shares of oil producers Woodside Petroleum Limited (ASX: WPL), Santos Ltd (ASX: STO) and Oil Search Limited (ASX: OSH) came under pressure today, ending the day lower.

By comparison, the S&P/ASX All Ords Gold (Index: ^XGD) (ASX: XGD) index, which tracks the ASX’s major gold shares, is up 1.7% this year.

Gold miners featured heavily in today’s top movers. The share prices of EVOLUTION FPO (ASX: EVN), Northern Star Resources Ltd (ASX: NST) and Newcrest Mining Limited (ASX: NCM) gained between 4% and 6.4%.

National Australia Bank Ltd. (ASX: NAB) and Commonwealth Bank of Australia (ASX: CBA) fell 2.3%, while BHP Billiton Limited (ASX: BHP) finished slightly higher.

Here are Thursday’s top stories:


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