MELBOURNE/WELLINGTON, June 14: Australian shares dropped 2 per cent on Tuesday to a one-month low while New Zealand fell for a second day tracking declines offshore on worries about U.S. growth and Britain potentially pulling out of the European Union. The S&P/ASX 200 index slid 114 points, or 2.2 percent, to 5,198.50 by 0341 GMT, in a sea of red following a long weekend. Banks, major miners and energy stocks led the market down. The big four banks were all down around 2.7 percent. The energy index slumped 4 percent as concerns about global growth weighed on oil prices. Australia’s biggest independent oil and gas producer Woodside Petroleum slid 3 percent to a two-month low of A$26.17. Miner BHP Billiton fell 2.9 percent even after a court in Brazil dismissed a civil lawsuit against Samarco, co-owned by BHP Billiton and Brazil’s Vale, over a mine disaster last year. Blue chips Telstra Corp and blood products maker CSL Ltd also dropped more than 2 percent. Only 13 stocks were trading higher of which more than half were gold producers as the price of gold rose to its highest in a month as investors sought a safe haven. Biotech company Mesoblast was the biggest loser after its partner Teva Pharmaceutical Industries gave up rights to Mesoblast’s promising heart failure treatment, denting funding at a crucial point in its clinical trials. For more individual stocks activity click on New Zealand’s benchmark S&P/NZX 50 index fell 66.57 points, or nearly 1 percent, to 6,857.70. Accounting software company Xero led losses, sliding 4.6 percent. Air New Zealand fell 3.5 percent, while A2 Milk lost 2.5 percent, giving up gains it made on Monday. Nuplex Industries edged up 0.19 percent after a decision on whether the resin company could be acquired by Allnex edged closer with a New Zealand court on Monday ordering a shareholders’ meeting. (AGENCIES)
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