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ASX hits two-month low; Gina Rinehart backs White Cliff Minerals
Australian shares hit a two-month low as soaring oil prices and mounting expectations of looming interest rate increases in the United States and Japan dented risk appetite.
The S&P/ASX 200 Index fell 74 points, or 0.9 per cent, to 8675.6 around lunchtime, the lowest level since early July. Six out of the 11 sectors were flashing red, led by miners and banks.
Brent futures climbed 1 per cent in morning trade to $US106.68 a barrel, as hostilities in the Middle East continued. A key East-West Pipeline in Saudi Arabia was temporarily shut after a drone attack, which threatened up to 4 per cent of global oil supply.
Gina Rinehart buys into estranged son’s Canadian copper company
Gina Rinehart, the nation’s richest person, has bought an $8.8 million stake in a Canada-focused copper company where her estranged son, John Hancock, is a director and shareholder.
The share placement is through Hancock Prospecting, one of Australia’s largest private companies, and will give Rinehart a 13.5 per cent holding in copper group White Cliff, where her son sits on the board.
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