Local shares dip, miners slump as Hormuz tensions flare
By Adrian Black
The ASX has closed down despite a positive lead from Wall Street overnight. -AAP Image
Australia's share market has resumed its decline after a container ship in the Strait of Hormuz was hit by a projectile, testing a fragile truce between the US and Iran.
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The S&P/ASX200 fell 27.1 points on Tuesday, down 0.31 per cent to 8,803.9, as the broader All Ordinaries lost 32.3 points, or 0.36 per cent, to 9,004.7.
The raw materials sector extended an early loss to more than 2.6 per cent by the close after the attack on a Qatari LNG gas container ship put upward pressure on oil prices and reignited fears for the global growth outlook.
Banks and IT stocks helped counterbalance some of the losses, as the financials and technology segments advanced more than one per cent each.
The Australian dollar is buying 69.42 US cents, up from 69.28 US cents on Monday at 5pm.
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