Shares fall; Iron ore spikes on China rate cut; Light & Wonder dives after losing in Nevada; Cettire releases audited results. Follow updates here.
The Australian sharemarket dipped on Tuesday despite a spike in the iron ore price offsetting sharp falls in the major banks and supermarket giants. The benchmark S&P/ASX 200 Index slipped 0.1 per cent, or by 10.9 points, to 8142 at the closing bell, weighed down by four out of the 11 sectors. The All Ordinaries was flat. A strong rally in mining stocks limited losses after China announced stimulus measures to meet its 5 per cent growth target.
80 and 3 per cent to $18.03, respectively. In commodities, iron ore futures in Singapore jumped 5.1 per cent to $US94.05 a tonne after the People’s Bank of China announced a series of stimulus measures at a rare briefing on Tuesday in Beijing. These included moves to boost banks’ lending to consumers and corporates, and a cut to its key short-term interest rate. China will also lower the mortgage rate for existing housing loans.
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