XEJ 1.22% 8,544.3 s&p/asx 200 energy

News: XEJ Australia shares end lower as miners drag on China power concerns

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    • Energy stocks track crude higher
    • Miners down on demand worries
    • NZX 50 fell 0.4%

    (Updates to close)

    Sept 28 (Reuters) - Australian shares ended lower on Tuesday, dragged down by heavyweight miners, as investors weighed the potential impact of a widening power shortage in China.

    The S&P/ASX 200 index (xjo) fell 1.47% to finish the session at 7,275.6 points, wiping out nearly all the gains made last week. The benchmark closed 0.57% higher on Monday.

    Australia's top trading partner China is in the grip of a power crunch, which has halted production at several factories, including many that supply components to Apple AAPL.O and Tesla TSLA.O .

    That led to major Australian miners .AXMM falling 2.6%, as iron ore and base metal prices slipped on worries about demand.

    The country's big mining triumvirate, BHP Group (BHP) , Rio Tinto (RIO) and Fortescue Metals (FMG) , skidded between 2.3% and 5.6%.

    Technology stocks .AXIJ fell 2.85%, tracking Wall Street's tech-heavy Nasdaq Composite Index .IXIC , which fell 0.52% overnight

    Heavyweight software as a service firm Xero Ltd (XRO) led losses on the sub-index, falling 6.4%, followed by data centre operator NEXTDC Ltd (NXT) losing 4.8%.

    Energy shares .AXEJ were a bright spot, soaring 4.34% to hit over three months high as oil prices extended their rally into a sixth session on Tuesday amid continued concerns over tight supply.

    Beach Energy Ltd (BPT) and Oil Search Ltd (OSH) led gains on the sub-index, advancing 10.5% and 7.1%, respectively.

    Australian retail sales fell 1.7% in August to A$29.3 billion ($21.27 billion), but beat market forecasts of a 2.5% slide.

    New Zealand's benchmark S&P/NZX 50 index (nz50) fell 0.4% to finish the session at 13174.4 points.

    ($1 = 1.3778 Australian dollars)

 
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