Asia
Australian Shares Fall; White Cliff Says Hancock Prospecting to Take 13.5% Stake With Nearly AU$9 Million Investment
Australian shares closed lower on Tuesday, tracking losses on Wall Street as the prospect of a rate hike in the US loomed.The S&P/ASX 200 Index fell by 0.88%, or 77.40 points, to close at 8,672.50, reaching its lowest level since June.Brent crude oil futures climbed around 1% to trade over $107 per barrel after Saudi Arabia's East-West pipeline was shut down after attacks. The country warned the attacks could disrupt as much as 4% of global oil supply.Overnight on Wall Street, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.5%, 0.6%, and 0.3%, respectively. The US Federal Reserve is widely expected to deliver a rate hike this week.On the domestic front, the ANZ-Roy Morgan Australian consumer confidence rose 2 points to 73.9 in the week of Sept. 7 to Sept. 13, ANZ reported. The four-week moving average fell 0.6 points to 74.6.Australia's total spending rose 1.1% in August due to higher essential costs rather than heightened demand, according to NAB's Consumer Spend Trend. Total spending climbed 8.7% over the year, while monthly growth was 0.6%, excluding fuel.In company news, White Cliff Minerals (ASX:WCN) said Hancock Prospecting agreed to acquire a 13.5% stake in the company through the purchase of about 515.8 million new shares at AU$0.017 each, representing a total investment of roughly AU$8.8 million. Mining magnate Gina Rinehart is the executive chair of Hancock Prospecting.Mayne Pharma Group (ASX:MYX) has entered into an exclusive five-year agreement with Italfarmaco to register, market and distribute Blissel, an ultra-low-dose vaginal gel for menopause-related vaginal atrophy, in Australia.Nickel Industries (ASX:NIC) said the ramp-up of its Excelsior Nickel Cobalt HPAL project in Central Sulawesi, Indonesia has been interrupted by dry conditions that have constrained water supply to the operation.
ASX 200ASX:MYXASX:NICASX:WCN
