Shares tumble in first day of 2023 trading

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Shares tumble in first day of 2023 trading
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The S&P/ASX 200 Index dropped 1.3 per cent to 6946.2 points. Westpac slumped 2.7 per cent to $22.73 and New Hope dropped 8.5 per cent to $5.82.

Shares greeted 2023 with robust selling as the coal sector led the Australian sharemarket to a debut loss of 1.3 per cent as growth expectations were dealt another blow.P/ASX 200 Index closed at 6946.2 points, down 92.5. The All Ordinaries declined almost 1.3 per cent to 7131.1.

BHP Group fell 0.7 per cent to $45.33 and Rio Tinto dipped 0.8 per cent to $115.43. Fortescue Metals Group was down 0.5 per cent at $20.40.Iron ore traded in Singapore fell 0.7 per cent to $US115.35 a tonne on the February futures contract. Seven West Media rose 1.3 per cent to 40¢; it will pay $65 million a year for its cricket rights package,

Alliance Bernstein named Woodside and Santos among its top Asia-Pacific region energy picks in 2023 and expects oil prices to rise above consensus.Woodside Energy declined 0.3 per cent to $35.34 and Santos dropped 0.8 per cent to $7.08. “For long-term investors we believe that Santos remains an attractive way to invest in a higher for longer oil and gas commodity price environment and has among the highest free cash flow of its peers,” Alliance Bernstein senior energy analyst Neil Beveridge said.

Westpac slumped 2.7 per cent to $22.73, National Australia Bank fell 2.1 per cent to $29.42, and Commonwealth Bank of Australia declined 1.5 per cent to $101.05.

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