Australian shares extended declines on Thursday, following weak domestic housing data released in the previous session, while Northern Star Resources jumped on appointing a new CEO a month after activist investor Elliott built a stake in the gold miner.
The S&P/ASX 200 index ASX:XJO fell 0.5% to 8,676.70 by 0012 GMT. The benchmark fell 0.6% on Wednesday.
Data released on Wednesday showed home prices in Australia suffered their steepest fall in three-and-a-half years in June due to high borrowing costs, weighing on overall sentiment.
Miners ASX:XMM dragged the benchmark, with lower iron ore prices weighing on sentiment. Top producers BHP ASX:BHP and Rio Tinto ASX:RIO dropped 1.2% and 1.3%, respectively.
Northern Star Resources ASX:NST helped limit broader losses by surging as much as 4%, its biggest intraday percent gain since mid-June. The major gold miner named Suresh Vadnagra as its new chief executive officer, while posting preliminary annual gold sales that met revised guidance.
Higher overnight bullion prices after stronger-than-expected U.S. jobs data and remarks from Federal Reserve Chair Kevin Warsh aided appetite for gold producers, with Ora Banda Mining ASX:OBM jumping 6.9%.
Financials ASX:XFJ rebounded 0.3% after the selloff on Wednesday. Top business lender National Australia Bank ASX:NAB gained 2.2%, while Westpac ASX:WBC added 0.7%.
Consumer discretionary stocks (.AXDJ) shed 2.2%, their biggest intraday drop since May 12, while staples (.AXSJ) slipped 1.4%, hurt by Coles' ASX:COL 2.1% drop. The no.2 grocer on Wednesday confirmed it is in talks to buy pet care firm Greencross Pet Wellness from U.S. private equity firm TPG.
Meanwhile, energy stocks ASX:XEJ fell 1.7%, breaking a four-day win streak as oil prices dropped after Iran and the United States concluded a round of indirect talks on Wednesday. Oil and gas producer Karoon Energy ASX:KAR fell as much as 4.9%.
In New Zealand, the benchmark S&P/NZX 50 index NZX:NZ50G edged up 0.1% to 13,620.80.