Australia Market falls 0.3%

Australia stock market posted modest losses in a low-volume session on Wednesday, 28 December 2022, after resuming from an extended holiday weekend, on weak Wall Street overnight cues, and lingering worries over China's COVID-19 situation and a policy tightening environment.

Sentiment has been affected across the globe as fears of aggressive rate hikes by the U.S. Federal Reserve and other major central banks continue to affect growth prospects, with rising COVID cases in China further prompting a sell-off.

At closing bell, the benchmark S&P/ASX200 index fell 21.28 points, or 0.3%, to 7,086.41. The broader All Ordinaries index dropped 25.65 points, or 0.35%, to 7,262.17.

Total 7 of 11 sectors were lower along with the S&P/ASX 200 Index. Healthcare was the worst performing sector, falling 1.23%, followed by industrials (down 1.1%), information technology (down 1%), and financials (down 0.75%) sectors. Energy was the best performing sector, gaining 1.52%.

The top performing stocks in S&P/ASX200 index were WOODSIDE PETROLEUM and AMPOL, up 2.65% and 2.61% respectively. The bottom performing stocks in S&P/ASX200 index were NOVONIX and SAYONA MINING, down 10.58% and 10.53% respectively.

Shares of banks and financials were lower. All the "Big Four" banks slid, with top lender Commonwealth Bank of Australia down 1.6%.

Shares coal miners slumped, with Whitehaven Coal and Yancoal down 7.2% and 2.9%, respectively as coal miners tracked the broader mood.

Energy stocks were the bright spots, with oil giants Woodside and Santos up 2.7 and 2.5% respectively, after oil prices edged higher.

Gold stocks recovered with Evolution gaining 1.3% and Northern Star Resources up 0.5%.

CURRENCY NEWS: The Australian dollar was stood at 0.6759 against greenback on Wednesday, up by 0.42% from yesterday's close of 0.6729, after trading in the range of 0.6719-0.6772.

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