Australia Market extends losses on Tuesday

Australia stock market finished lower for second straight session on Wednesday, 12 June 2024, following the mixed cues from Wall Street overnight, with utilities, tech, materials, industrial, and consumer goods stocks leading losses.

The drop came as investors braced for US inflation data that could influence the Federal Reserve to ease monetary policy. With the outcome of the Fed's two-day policy meeting expected later today At closing bell, the benchmark S&P/ASX200 index dropped 39.86 points, or 0.51%, to 7,715.51. The broader All Ordinaries index was down 42.81 points, or 0.53%, to 7,963.08. Total 10 of 11 sectors were lower along with the S&P/ASX 200 Index. Utilities sector was bottom performer, down 1.08%, followed by information technology (down 0.97%), industrials (down 0.87%), consumer discretionary (down 0.87%), and healthcare (down 0.845%) sectors. Energy was the best performing sector, gaining 1.01%.

The best-performing stocks in S&P/ASX200 index were HEALIUS and EMERALD RESOURCES, up 8.6% and 6.09% respectively. The bottom performing stocks in S&P/ASX200 index were NICKEL INDUSTRIES LIMITED and DEEP YELLOW LIMITED, down 7.61% and 5.57% respectively.

Mining stocks took a hit, weighed down by falling iron ore prices amid concerns over demand for the commodity in China, with iron ore heavyweights Fortescue (down 1.3%), Rio Tinto (down 1.5%) and BHP (down 0.5%) leading losses.

Financial stocks and the Big Four banks were also in the red, contributing to the downward trend.

Energy stocks advanced, with Woodside rising 2.6% and Santos eking out gains of 0.3%.

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