Australia Market ends 0.1% down

Australia stock market finished subdued session slightly in negative territory on Tuesday, 02 April 2024, as regional bond yields climbed, echoing moves in U.S. Treasuries, with shares in healthcare, telecom, realty, retailers, and consumer goods companies leading declines.

At closing bell, the benchmark S&P/ASX200 index fell by 8.99 points, or 0.11%, to 7,887.87. The broader All Ordinaries index dropped 7.97 points, or 0.1%, to 8,145.78.

Total 8 of 11 sectors were lower along with the S&P/ASX 200 Index. Material was the best performing sector, gaining +1.08%. Telecommunication service was the bottom performing sector, falling 1%.

The top performing stocks in S&P/ASX200 index were WEST AFRICAN RESOURCES and EVOLUTION MINING, up 6.3% and 5.9% respectively. The bottom performing stocks in S&P/ASX200 index were ORORA and MEGAPORT, down 14.7% and 6.54% respectively.

Materials and resources shares were largely in the green. Rio Tinto lifted 0.7%, BHP rose 1.9%, while Fortescue slid 1.1%.

Shares of big four banks ended mixed. Commonwealth Bank slipped 0.2%, NAB rose 0.5%, while ANZ and Westpac were virtually flat.

Penfolds maker Treasury Wine Estates shares gained 2.7% as investors continued to digest the good news that China had removed its punitive tariffs on Australian wine.

Shares of Packaging company Orora was down 14.7% after revealing earnings and growth would be softer than expected.

CURRENCY NEWS: The Australian dollar was at a fresh six-month high against its US counterpart, buying 68.69 US cents, from 68.29 US cents at Wednesdays close.

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