Australia Stocks end softer

The Australian share market finished session marginally lower after erasing intraday gains on Monday, 26 July 2021, as investors opted to book recent profit after three straight sessions of advances and on caution ahead of the U.S. Federal Open Market Committee meeting this week for clues on the timing of stimulus tapering.

At closing bell, the benchmark S&P/ASX200 edged down 0.09 point, or 0.00%, to 7,394.27. The broader All Ordinaries decreased marginal 0.37 point, or 0.00%, to 7,670.51.

Total 10 of 11 S&P/ASX200 sectors were lower, with energy (down 1.39%) was worst performer. Fllowed by realty (down 1%), information technology (down 0.6%), and utilities (down 0.56%) sectors, while material (up 1%) sector was top gainer.

 

Shares of energy companies declined on tracking drop in crude oil prices of nearly $1 barrel in Asian trade on concerns about fuel demand from the spread of COVID-19 variants as well as floods in China. Oil Search, Origin Energy, Santos and Woodside Petroleum gave up 1-2%.

Shares of commercial property giant GPT Group lost 2.7% after withdrawing its 2021 guidance.

Lynas shares soared 10.6% after the rare earth producer reported record revenue in its fourth quarter.

CURRENCY NEWS: The Australian dollar changed hands at $0.7335, above levels below $0.732 seen last week.

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