Australia Market extends losses to 3rd day

The Australian share market finished lower for third consecutive session on Wednesday, 13 October 2021, weighed down by losses in financials and materials. At closing bell, the benchmark S&P/ASX200 fell 8.19 points, or 0.11%, to 7,272.54. The broader All Ordinaries index dropped 3.73 points, or 0.06%, to 7,571.85.

Financial stocks fell, with Bank of Queensland leading losses, down 4%, after the lender warned its net interest margin would decline by 5-7 basis points in the coming year due to stiff competition and low interest rate environment. CBA fell by 1.6% and held its Annual General Meeting with shareholders. Westpac (WBC) fell by 1.3%. Investment manager Challenger (CGF) finished flat despite recording a 3% lift in Group Assets Under Management for the quarter.

Shares of materials and resources skidded on tracking a retreat in iron ore prices. BHP Group, Rio Tinto and Fortescue Metals declined between 0.6% and 2.1%.

Infant formula companies stood out, following a quarterly update from Bubs Australia (BUB). BUB rose by 38.89% after i Infant formula revenue jumped by 124% over the quarter. The a2 Milk Company (A2M) rose 13.5%.

CURRENCY NEWS: The Australian dollar was at $0.734, off levels around $0.738 seen yesterday.

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