ASX closes lower; Woodside, Santos falls as oil prices slump

The news: The Australian sharemarket finished lower as the energy sector led broad losses after oil prices slumped to their lowest levels in almost five years.

The benchmark ASX 200 fell 0.81% to end at 8,995.3 with eight out of the 11 sectors finishing in the red.

The energy sector (-2.8%) was the worst performer as oil producers Woodside (-2.6%) and Santos (-3.3%) fell. Beach Energy (-3.5%) and Karoon Energy (-3.1%) also fell.

Biggest movers:

• Gold miners – Tracked the record-breaking rally in the spot price of gold, now above USD4,300 per ounce. Emerald Resources (+4.1%), Westgold Resources (+3.4%) and Newmont Corporation (+2.9%) were among the biggest gainers.
• Iress (+3%) – Financial software provider Iress has said it is engaging with multiple new potential suitors, in addition to US investing giants Blackstone and Thoma Bravo whose acquisition interest was confirmed in August.
• Iluka Resources (-2.4%) – Withdrew guidance for synthetic rutile sales due to uncertainty over the future of its contract with British chemicals company Venator Materials.
• Vulcan Energy (-7.7%) – Awarded lithium processing technology and equipment contracts worth a combined $252 million to Sydney-headquartered JordProxa.
• Lynas Rare Earths (-5.7%) – IGO’s chief financial officer Kathleen Bozanic has been appointed as an independent non-executive director of Lynas Rare Earths.