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$A up on GDP data, metals weigh on market

AAP  |  05 Sep 2018Text size  Decrease  Increase  |  
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SYDNEY [AAP] Australian shares have continued falling, with the heavyweight mining sector dragging the market lower even as the Aussie dollar picked up on better-than-expected economic data.

Wednesday's GDP data from the Australian Bureau of Statistics showed annual economic growth jumped 0.9 per cent in the June quarter and 3.4 per cent over the 12 months to June - to its highest level in nearly six years.

The better-than-expected growth lifted the Australian dollar 0.2 per cent to 72.03 US cents at 1200 AEST, continuing its recovery from a more than two-year low of 71.57 US cents late on Tuesday.

ABS dollar AUD currency

Better GDP figures than had been widely expected lifted the Aussie dollar

But the commodity price dip that had been weighing on the Aussie was still pressing the share market lower at noon.

The benchmark S&P/ASX200 index was down 50.8 points, or 0.81 per cent, at 6,242.3 points, while the broader All Ordinaries was down 46.4 points, or 0.73 per cent, at 6,352.5.

The heavyweight mining sector was weighing on the market after base metal prices slid overnight.

The big four banks were another drag. Westpac (ASX: WBC), which copped a $35 million fine over its lending practices, fell 1.48 per cent to $27.89, followed by NAB (ASX: NAB) with a 0.89 per cent drop.

ANZ (ASX: ANZ) was down 0.8 per cent and Commonwealth Bank was down 0.78 per cent at $70.18.

A drop on Wall Street overnight contributed to the drop in local shares amid lingering trade concerns.

 

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