Australia Market end 2.3% lower

Australia stock market finished session sharply lower on Friday, 10 March 2023, as risk sentiment chilled by a Wall Street dive overnight amid fear of further US Federal Reserve rate hikes ahead of the release of the US non-farm payrolls report.

At closing bell, the benchmark S&P/ASX200 index retreated 166.44 points, or 2.28%, to 7,144.69. The broader All Ordinaries index tanked 166.16 points, or 2.21%, to 7,348.23.

The top performing stocks in the S&P/ASX 200 Index index were ORIGIN ENERGY and TPG TELECOM, up 2.45% and 2.14% respectively. The bottom performing stocks in S&P/ASX200 index were ALLKEM and SAYONA MINING, down 8.59% and 8.00% respectively.

Total 10 of 11 sectors were lower along with the S&P/ASX 200 Index. Energy was worst performing sector, falling 3.36%, followed by materials (down 3.1%), financial (down 2.8%), information technology (down 2.2%), and A-REIT (down 1.8%) sectors. Utilities was the best performing sector, gaining 0.61%.

Shares of financials tumbled, as ASIC reported that six of Australia's financial giants had paid $4.7 billion to compensate customers who suffered loss or detriment after being charged fees for no service or receiving non-compliant advice. It also came amid the Federal Court handing down a $10 million penalty to ANZ in relation to its home loan introducer program. The country's largest bank CBA shed 3.3%. Also, NAB (down 3%), ANZ (down 2.6%) and Westpac (down 2.6%) all fell

Shares of materials and resources, with heavyweights BHP Group and Rio Tinto retreating 1.7% and 1.8%, respectively.

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