The Australian share market finished session steep lower on Thursday, 17 September 2020, following mixed lead from the Wall Street overnight where sentiment was dulled by a more dovish-than-expected stance from the US Fed. Market pressured by heavy losses in miners as iron ore prices tumbled for a third consecutive day. Investors shrugged off a surprisingly strong August jobs print.
At closing bell, the benchmark S&P/ASX200 index declined 72.92 points, or 1.22%, to 5,883.22. The broader All Ordinaries was down 77.70 points, or 1.26%, to 6,069.21.
Shares of materials and resources declined as iron ore futures continued to drop on rising supply concerns due to a less than expected pickup in steel demand from China, Australia's largest trading partner. Among mining stocks, Fortescue Metals Group slumped 6.4%, while global miners Rio Tinto and BHP Group fell 3.4% and 1.8%, respectively.
CURRENCY NEWS: The Australian dollar changed hands at $0.7296 after touching an earlier high of $0.7311.
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