Political upheaval in Canberra helped push the local share market towards its sharpest loss in four weeks.
The ASX 200 slumped 52 points or 0.8% to 6293 by mid-session following this morning's Liberal Party leadership vote, which saw Prime Minister Malcolm Turnbull survive a challenge from Home Affairs Minister Peter Dutton. The retreat wiped out four days of gains and positioned the index for its biggest loss since a 58-point dive on July 24.
Resource stocks reversed yesterday's gains. The energy sector fell 1.5%, materials 1.3% and metals & mining sector 1.2%. Other notable declines included financials -1.2% and consumer staples -1.5%. The IT sector edged up 0.3% and industrials 0.1%.
The mood was calmer on overseas markets. China's Shanghai Composite improved 0.93% and Hong Kong's Hang Seng 0.24%. Japan's Nikkei dipped 0.03%. S&P 500 futures were recently off 0.5 points or 0.02%.
Crude oil futures rallied 22 cents or 0.33% this morning to US$66.65 a barrel. Gold futures tacked on $5.60 or 0.47 % to US$1,200.20 an ounce. The dollar was buying 73.48 US cents.
Trading: GMC was worth a look at -15% and offered an easy pip. Swung and missed a few others.
