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Australia Market falls on profit booking

Capital Market 

Headline indices of the stock market declined on Tuesday, 10 July 2018, after wiping out initial gain inspired by firm overseas cues, as investors elected to book gain after the benchmark index hit the best levels in 10.5 years. Local shares received a strong lead from Wall Street overnight with all advancing in reaction to last Friday's solid US jobs report and the upcoming US quarterly earnings period. Most of ASX200 issues declined, with shares of, financial, realty, and utilities issues being notable losers. However, gains in and materials kept the benchmark losses in check. Around late afternoon, the benchmark Index dropped 14.64 points, or 0.23% to 6,271.40.

The broader All Ordinaries Index was down 12.20 points or 0.19% to 6,354.20.

Financials stocks were key drag on the benchmark, with top four lenders being notable losers. Among lenders, Commonwealth Bank, ANZ Bank, and National Bank leading the retreat, falling as much as 2%.

Shares of materials and players were key contributor to the benchmark gains, on higher commodity prices overnight. Among materials, Billiton (BHP), (RIO) and (FMG) were up in between 0.5% to 2%. Among players, (WPL) and Origin (ORG) the standouts, were improving in between 0.5% to 1%.

CURRENCY NEWS: The Australian dollar gained ground against greenback on Tuesday. The Australian dollar was worth 74.73 US cents, edging up from 74.60 on Monday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 10 2018. 09:59 IST