(Updates to close)
By Aparajita Saxena
March 9 Australian share markets slipped on
Thursday for a second day, dragged by materials, after losses in
overnight oil prices sparked a heavy sell-off in the energy
The S&P/ASX 200 index fell 18.45 points or 0.32
percent to 5,741.2 at the close of trade.
Oil prices dived 5 percent to their lowest this year on
Wednesday, as U.S. crude inventories surged much more than
expected to a record high, stoking concerns a global glut could
persist even as OPEC tries to prop up prices with output curbs.
Prices recovered marginally in Asian trading, but failed to
appease investors. The energy index tumbled to a 3 month
low, with oil majors Woodside Petroleum, Santos
and Beach Energy leading losses.
BHP Billiton recoiled 5.03 percent and fell to its
lowest in three months after its shares started trading
Weak copper prices on Wednesday further capped gains in BHP
Billiton and Rio Tinto, which fell 2.04 percent.
The financial sector was the sole gainer in Australia, with
all of the "Big Four" banks in positive territory.
New Zealand's benchmark S&P/NZX 50 index slipped
0.52 percent or 37.2 points to finish the session at 7,140.9,
hurt by materials.
Fletcher Building slipped 3.36 percent.
Exchange operator NZX Ltd fell 4.5 percent,
snapping the previous session's gains.
(Reporting by Aparajita Saxena in Bengaluru; Editing by