Australia Market closes 1.34% lower

Australia stock market finished session significantly lower on Wednesday, 03 April 2024, retreating from a record high, on following the broadly negative cues from Wall Street overnight, with shares of rate-sensitive sectors such as banks, technology, and real estate leading losses.

Overnight, Wall Street stocks finished decisively lower as expectations for a delayed pivot on US monetary policy added to selling pressure. Adding to the selling pressure has been a rise in US Treasury bond yields -- a proxy for interest rates.

At closing bell, the benchmark S&P/ASX200 index was down 105.33 points, or 1.34%, to 7,782.54. The broader All Ordinaries index sank 112.18 points, or 1.38%, to 8,033.60.

Total 9 of 11 sectors were lower along with the S&P/ASX 200 Index. Information technology was worst performing sector, falling 3.95%, followed by A-REIT (down 3.3%), and consumer discretionary (down 2.1%) sectors. Utilities was the best performing sector, gaining +0.16% 11 sectors.

The top performing stocks in S&P/ASX200 index were RAMELIUS RESOURCES and WEST AFRICAN RESOURCES, up 5.25% and 5.1% respectively. The bottom performing stocks in S&P/ASX200 index were CREDIT CORP GROUP LIMITED and STANMORE RESOURCES LIMITED, down 6.20% and 5.83% respectively.

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