Aust shares fall once more after US strikes on Iran | USAEMALL.com

The local share market has sunk to a 20-day low as traders brace for retaliation after the US strikes on Iran’s nuclear facilities.

At noon AEDT on Monday, the benchmark S&P/ASX200 index was down 68.6 points, or 0.81 per cent, to 8,436.9, while the broader All Ordinaries was down 76.5 points, or 0.88 per cent, to 8,647.0.

IG market analyst Tony Sycamore said that the mood was one of caution as traders wait for further details on what Iran’s response would be after three B-2 stealth bombers struck three Iranian nuclear sites on Saturday.

Iran Foreign Minister Abbas Araghchi requested an emergency meeting of the UN Security Council following what he described as “blatant aggression” against the peace-seeking people of Iran.

At midday, nine of the ASX’s 11 sectors were lower, with utilities flat and energy up 0.3 per cent following a jump in oil prices.

Santos had climbed one per cent and Beach Energy had risen 3.7 per cent as Brent crude rose $US2 to $US78.60 a barrel, near its highest level since late January.

In the heavyweight mining sector, BHP was down 1.5 per cent, Fortescue had retreated 1.7 per cent and Rio Tinto had dropped 0.8 per cent.

The tech sector was the biggest loser, down 1.6 per cent as Wisetech Global dipped 2.2 per cent and Technology One declined 2.7 per cent.

All of the big four banks were in the red as well, with ANZ dropping 1.5 per cent, Westpac and NAB both retreating 1.0 per cent and CBA dipping 0.3 per cent.

In the consumer discretionary sector, Adairs had plunged 20.9 per cent to an over two-month low of $2.05 after the furniture retailer indicated that trading had been challenging for its Focus on Furniture business, which had had to engage in high levels of discounting to stimulate sales.

Smartpay Holdings had climbed 9.6 per cent to $1.03 after the dual-listed EFTPOS provider agreed to be acquired by US-based Shift4 Payments for $274 million, or $NZ1.20 ($1.11) a share.

Metcash was up 3.1 per cent to $3.815 after the IGA, Total Tools and Mitre 10 supplier posted a $283.3 million full-year profit, up 10.1 per cent from a year before, led by strong performance across its supermarket business.

The Australian dollar was buying 64.18 US cents, from 64.76 US cents at 5pm on Friday.