Australia Market dips into red as Middle East tensions

Australia stock market finished session lower on Monday, 15 April 2024, as risk sentiments dampened on tracking weak cues from global markets amid concerns about escalating tensions between Iran and Israel and its potential impact on crude oil prices, inflation and the likelihood of rate cuts.

At closing bell, the benchmark S&P/ASX200 index declined by 35.56 points, or 0.46%, to 7,752.53. The broader All Ordinaries index dropped 40.84 points, or 0.51%, to 8,009.38.

Total 8 of 11 sectors were lower along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining +0.38%, while information technology was the bottom performing sector, falling 1.75%.

 

The top performing stocks in S&P/ASX200 index were ALUMINA and SOUTH32, up 6% and 4.6% respectively. The bottom performing stocks in S&P/ASX200 index were GOLD ROAD RESOURCES and NEXTDC, down 6.59% and 4.97% respectively.

Shares of materials and resources were stronger, with iron ore miners South32 (up 4.6%) and Rio Tinto (up 3.6%) muscling up, alongside heavyweight BHP (up 0.6%).

Shares of energy companies including coal miners Yancoal (up 2.1%) and Whitehaven (up 1%) were also stronger, along with oil giants Santos (up 0.9%) and Woodside (up 0.4%).

Shares of tech companies (down 1.8%) were among the worst-performing stocks on the index. Data centre operator NEXTDC (down 3.9%), Xero (down 1.7%) and TechnologyOne (down 1.7%) all dropped.

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