The Australian stock market fell, dragging down the benchmark index the most in two months on concern that the government can increase taxes on mining projects and as commodity prices collapsed.
Rio Tinto Group, the world’s third-largest mining company, sank 3.5 percent after the Sydney Morning Herald the government proposal, without saying where it obtained the information. BHP Billiton Ltd., the largest, declined 2.3 percent as metals traded in London fell for the second day and the oil was ready to fall for a second week. Newcrest Mining Ltd., largest gold producer in Australia, slipped 2.4 percent.
“It looks like we are experiencing some sort of correction,” said Shane Oliver, head of investment strategy at AMP Capital Investors in Sydney, which controls about 90 billion U.S. dollars globally. “The report on the revision of taxation falls on the stock of resources.”
Australia’s D & P / ASX 200 Index fell 1.6 percent to 4,750.60 at the close of trading in Sydney, its steepest descent from 27 November. The gauge, which fell by 3 percent this week, rallied 51 percent from a five-year low on March 6, such as measures of government stimulus helped the country skirt a recession.
A gauge of material stocks for the index was down 2.2 percent, the biggest drop among 10 industry groups, as a measure of metals traded in London fell for a second day yesterday, losing 1 , 2 per cent. Rio lost 3.5 percent to $ 72.94 and BHP sank 2.3 percent to $ 41.70. Newcrest fell to 2.4 percent to $ 33.31.
New Ala coal could lead to 500 jobs
State and local officials to discuss creation of an underground coal mine in Tuscaloosa County, which may include hundreds of new jobs. . . Read more »
TwoWest African focused gold hopefuls will today unveil plans to finance projects
TWO West African focused gold hopefuls will today unveil plans to finance projects both believe could be advance business creators. . . Read more »