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Australia Market falls on profit booking

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Headline indices of stock market closed lower on Wednesday, 17 April 2019, as investors elected to booked profit after three straight days of gains. Market losses were, however, capped after better-than-expected economic data in At closing bell, the benchmark S&P/ASX200 index fell 21.05 points, or 0.34%, at 6,256.40 points, while the broader All Ordinaries sank 21.96 points, or 0.34%, at 6,350.30.

reported better-than-expected economic growth data, fuelling hopes of a recovery in its economy amid concerns of a global growth slowdown. expanded a seasonally adjusted 1.4% on quarter in the first quarter of 2019, the said on Wednesday, down from 1.5% in the three months prior. On a yearly basis, GDP expanded 6.4% - unchanged from Q4. The bureau also said the climbed 8.7% on year in March, up from 8.2% in February.

Investors have been watching the health of the Chinese economy the world's second largest amid Beijing's ongoing trade dispute with

Shares of materials declined, with Group led losses, down 1.9%, after Anglo-Australian giant Group reported a 3% decline in iron ore production for the quarter ended March and also lowered its full-year production outlook. shed 4.2%, dropped 7.1%, and fell by 0.6%.

Gold miners were also weak after gold prices fell more than 1% overnight. Newcrest fell almost 1% and Evolution was lower by 2%.

Financials were higher, with all four of the big banks in the green. led the gainers, adding 1.4% to A$26.77. NAB was up 0.8% to A$25.22, rose 1.1% to A$26.70, and was up 0.9% to A$73.315.

was up 27% after a $3.8 billion takeover proposal from Japanese

CURRENCY: dollar recovered against the U. S. dollar on Wednesday, n better-than-expected China data. dollar changed hands at $0.7190 following an earlier low of $0.7151.

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

First Published: Wed, April 17 2019. 11:39 IST
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