Australia Market inches lower ahead of Fed decision

Australia stock market finished session lower on Wednesday, 20 March 2024, amid caution ahead to the US Fed's monetary policy decision later in the day, with shares in utilities, information technology, and consumer goods sectors leading losses.

The Fed is widely expected to leave interest rates unchanged, but the central bank's accompanying statement could have a significant impact on the outlook for rates. Fed Chair Jerome Powell and his colleagues will update their economic and rate projections later in the day.

At closing bell, the benchmark S&P/ASX200 index was down 7.47 points, or 0.1%, to 7,695.76. The broader All Ordinaries index fell 3.28 points, or 0.04%, to 7 954.48.

Total 7 of 11 sectors were lower along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining +0.60%. Information technology and utilities sectors were bottom performer, both falling 0.5%.

The top performing stocks in S&P/ASX200 index were PALADIN ENERGY and TELIX PHARMACEUTICAL, up 5.6% and 2.88% respectively. The bottom performing stocks in S&P/ASX200 index were RED 5 and SOUTH32, down 4.29% and 4.17% respectively.

Shares of information technology sector were biggest drag on the market, with WiseTech erasing 0.6%, while Xero lost 0.9% and TechnologyOne fell 0.9%.

Utilities and consumer staples stocks also declined. AGL lost 2.1% and supermarket giant Woolworths shed 1.1%.

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