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Australia Market trades softer

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Australian stock market were lower on Wednesday, 27 March 2019, as investor concerns over the outlook for the global economy lingered after release of weak economic data from the U. S. and around the world as well as a downgraded U. S. economic outlook from the Federal Reserve. Most of ASX subsectors declined, with shares in healthcare, consumer discretionary, consumer staples, energy, and property trusts being notable losers. Around late afternoon, the benchmark S&P/ASX200 index fell 4.69 points, or 0.08%, at 6,125.90 points, while the broader All Ordinaries shed 5.13 points, or 0.08%, at 6,208.

Shares of banks and financials were in the red, with big four banks - ANZ Banking, Commonwealth Bank, National Australia Bank and Westpac - lower in a range of 0.1% to 0.6%.

Shares of materials and resources were mixed, with BHP Group up around 0.1%, while Rio Tinto shed 0.05%.

Fortescue Metals rose almost 1% despite lower iron ore prices.

Tech shares were in positive territory. Appen, Afterpay Touch and Xero were up between 0.87% and 1.75%.

Shares of Lynas recovered from an earlier slip to rise around 1.4%, after the rare earths miner rejected a A$1.5 billion takeover bid by the conglomerate Wesfarmers. For its part, shares of Wesfarmers traded down by 0.21%.

Cromwell Property Group was down 0.5% after it confirmed it had made an offer to London-listed property trust RDI REIT, a London-listed property trust with a market capitalisation of A$686 million.

CURRENCY: The Australian dollar was higher against the U. S. dollar on Wednesday. The Australian dollar changed hands at $0.7113 after seeing highs above $0.714 yesterday.

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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, March 27 2019. 10:06 IST