November 13, 2018 / 1:49 AM / a month ago

Australian, New Zealand shares slide on global equities sell-off

* Australia, New Zealand see broad-based losses

* Westpac trades ex-div, among top drags in both regions

* Aussie shares set for worst intraday session in nearly 3 weeks

By Ambar Warrick

Nov 13 (Reuters) - Australian shares tumbled on Tuesday as concerns over slowing global growth continued to undercut equities, with a sell-off in tech stocks on Wall Street leading a broad risk-off move globally.

The S&P/ASX 200 index fell 98.3 points or 1.65 percent to 5,843 by 0100 GMT. The benchmark rose 0.3 percent on Monday.

Kyle Rodda, market analyst at IG Markets said that the scope for further increases in U.S. interest rates, coupled with a weaker outlook for U.S. equities had spread bearish sentiment across equity markets.

Losses were broad-based as local technology and financial shares tracked an overnight slide in their peers on Wall Street and lost more than 2 percent each.

Information technology stocks Appen and Wisetech Global shed about 5 percent apiece.

Australia’s financial sub-index slid the most in nearly three weeks, with all of the large-cap lenders trading in the red. Westpac Banking Corp led the losses with a 5.7 percent decline as the stock traded ex-dividend.

Insurer Suncorp Group shed around 2 percent after it flagged a delay in the sale of its Australian life insurance business to Japan’s Dai-ichi Life.

Metals and mining stocks were also a big drag on the market, with heavyweight miners BHP and Rio Tinto shedding about 1.5 percent and 2 percent respectively.

Mining stocks have been hit especially hard by concerns over slowing global demand for metals. Falling commodity prices have only added to the pressure.

Industrial explosives maker Incitec Pivot plunged about 8 percent after logging a drop in its annual statutory profit.

Energy stocks relinquished Monday’s gains as oil prices changed course to trade lower. The sub-index lost about 1.7 percent.

New Zealand stocks saw similar declines, with the benchmark S&P/NZX 50 index falling 1.1 percent to 8,857.35.

Westpac’s New Zealand shares accounted for a bulk of losses, down about 5.6 percent. All other sectors also traded lower.

Reporting by Ambar Warrick in Bengaluru Editing by Shri Navaratnam

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