PERTH: The Australian stock market is extending losses on Thursday from the previous session, reflecting weakness in mining stocks and banks, amid lower commodity prices.
In late-morning trades, the benchmark S&P/ASX200 Index is declining 27.30 points or 0.49 percent to 5,587.30, off a low of 5,587.00 earlier. The broader All Ordinaries Index is declining 22.70 points or 0.41 percent to 5,580.80.
In the mining sector, BHP Billiton (BHP) is losing more than 2 percent, Rio Tinto (RIO) is down almost 2 percent and Fortescue Metals is lower by more than 3 percent after the prices of iron ore fell back to below $50 a ton.
Fortescue Metals reported a 33 percent increase in iron ore shipments for the full year, while cutting costs. The company affirmed its 2016 full-year outlook.
Meanwhile, gold miner Newcrest Mining is adding more than 2 percent and Evolution Mining is gaining 4 percent despite gold prices falling for a tenth straight session to end at a more than five-year low.
Newcrest Mining reported higher output and profit margins for the full year, helped by lower production costs and a weaker Australian dollar that helped offset a slide in gold prices.
