Australia Stocks falls 1.8%

24-May-24   16:17 Hrs IST
Australia stock market finished session steep lower on Friday, 24 May 2024, on tracking broadly downbeat cues from Wall Street overnight amid conscious of inflation pressure and receding expectations/ for rate cuts.

At closing bell, the benchmark S&P/ASX200 index was down 84.21 points, or 1.08%, to 7,727.59. The broader All Ordinaries index declined 83.93 points, or 1.04%, to 7,999.16.

All 11 major sectors lost ground, with consumer discretionary stocks (down 2.5%) the worst affected. Meanwhile A-REIT, information technology, financial, and consumer staple sectors were also notable losers.

The top performing stocks in S&P/ASX200 index were NRW HOLDINGS and CHALLENGER, up 2.86% and 2.79% respectively. The bottom performing stocks in S&P/ASX200 index were FLETCHER BUILDING and EMERALD RESOURCES NL, down 6.10% and 4.49% respectively.

Shares of bank and financials and consumer goods companies dropped as profit takers stepped in. Commonwealth Bank lost 2% and NAB was down 1.5%. Retail conglomerate Wesfarmers lost 3.8%.

Shares of tech sector also fell, led by Xero which fell 2.7% and NextDC lost 2.2%. WiseTech finished down 1.4% to $98.67.

The consumer sectors were also weaker. The supermarket giants Woolworths and Coles both lost more than 1%, respectively.

Energy sector declined marginally in the red. Woodside (up 0.6%), Yancoal (up 0.3%) and Santos (up 0.1%) kept the energy sector afloat amid a broad market sell-off.

Powered by Capital Market - Live News