Australia Stocks end lower

The Australian share market finished lower for second straight session on Wednesday, 06 October 2021, weighed down by heavyweight banks on fears about tighter lending regulations, while strength in energy and technology stocks capped losses.

At closing bell, the benchmark S&P/ASX200 fell 41.81 points, or 0.58%, to 7,206.55. The broader All Ordinaries index dropped 40.28 points, or 0.53%, to 7,496.22.

The bottom performing stocks in this index were THE A2 MILK COMPANY and FLIGHT CENTRE TRAVEL GROUP, down 7.67% and 6.63% respectively. The top performing stocks in this index were WHITEHAVEN COAL and VIRGIN MONEY UK PLC, up 4.1% and 3.85% respectively.

Shares of banks and financials were down, with "Big Four" banks - National Australia Bank, Australia, Commonwealth Bank and New Zealand Banking Group and Westpac Banking - down between 0.6% and 2%.

Technology stocks rebounded on bargain hunting on tracking gains in their US peers. Buy-now-pay-later giant Afterpay jumped 3% and software solution provider TechnologyOne added 1.8%.

Energy stocks were also higher, underpinned by strong oil prices. Shares of Whitehaven Coal Ltd, Yancoal Australia and New Hope Corp closed up, as coal prices soared on supply struggles to catch up with demand.

CURRENCY NEWS: The Australian dollar changed hands at $0.7241, against an earlier high of $0.7295.

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