Australia Market extends losses to third day

The Australian share market finished down for third straight session after swinging between gains and losses on Wednesday, 10 November 2021, as losses in materials and energy stocks outweighed gains in utilities and financials.

At closing bell, the benchmark S&P/ASX200 fell 10.29 points, or 0.14%, to 7,423.90. The broader All Ordinaries index dropped 18.92 points, or 0.24%, to 7,737.36.

Total 8 of 11 sectors were lower along with the S&P/ASX 200 Index. Materials was bottom performing sector, loosing 1.47%, followed by energy (down 1.09%), while utilities was the best performing sector, gaining +0.74%, followed by financials (up 0.72%).

The bottom performing stocks in S&P/ASX200 index were BLUESCOPE STEEL and NEARMAP, down 5.84% and 4.87% respectively. The top performing stocks included CHALICE MINING and UNITED MALI GROUP, up 4.94% and 4.62% respectively.

Shares of materials declined, with Rio Tinto, Fortescue Metals Group, South32 and BHP down 2-3 percent as iron ore prices plunged.

Shares of lenders advanced, with National Australia Bank up 4.4 percent a day after delivering a better than expected full-year profit.

ECONOMIC NEWS: Australia Consumer Confidence Improves In November- Australia's Westpac-Melbourne Institute Index of Consumer Sentiment rose by 0.6% mom to 105.3 in November, as the economy emerged from the pandemic amid the success of vaccination rollouts and relief from the loosening in Sydney and Melbourne. The economic conditions in the next 12 months increased by 3.3% to 106.6 while those in the next 5 years went up 2.6% to 111.0. Also, the time to buy a major household item gained 1.8% to 111.9, on a rebalancing in spending from goods back towards services ahead of Christmas.

CURRENCY NEWS: The Australian dollar was at $0.7367 following a recent drop from above $0.74.

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