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Energy, mining stocks drag ASX lower

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Energy and mining stocks continued to drag the Australian sharemarket lower at midday, with the local bourse sharply retreating from last week’s record highs.

The S&P/ASX 200 Index tumbled 107 points, or 1.36 per cent, to 7740 at about 1pm. All 11 sectors were in the red, with energy and mining stocks leading the declines.Consumer staples recorded the smallest falls.

Iron ore fell 1.6 per cent to $US114.85 a tonne and Brent Crude was down 1.3 per cent to $US81.86 a barrel. The Australian dollar was flat at US66.2¢. The S&P 500 Index and Nasdaq Composite Index briefly hit record intraday highs Friday, but started to lose steam late morning. The Philadelphia Semiconductor Index sharply underperformed and ended the day to end the trading session down 4 per cent, after earlier touching an intraday record high.

Stocks had opened higher after data showed US job growth accelerated in February, with non-farm payrolls increasing by 275,000 jobs against an expected 200,000 rise. January jobs numbers were revised lower.

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