Australia Market ends softer

Australia stock market finished session edged lower on Wednesday, 28 February 2024, on tracking a mixed performance on Wall Street overnight and as data showed annual inflation stayed steady in January.

At closing bell, the benchmark S&P/ASX200 index was down 2.59 points, or 0.03%, to 7,660.42. The broader All Ordinaries index fell 5.09 points, or 0.06%, to 7,917.13.

Total 6 of 11 sectors ended higher despite decline in the S&P/ASX 200 Index. Information Technology was the best performing sector, gaining +2.88%, followed by energy and A-REIT sectors, rising 0.84% and 0.52%, respectively. Consumer staples was bottom performing sector, falling 0.81%.

 

The top performing stocks in S&P/ASX200 index were CHALICE MINING and NEXTDC, up 25.75% and 13.13% respectively. The top performing stocks in S&P/ASX200 index were KELSIAN GROUP and NEUREN PHARMACEUTICALS, down 11.99% and 10.85% respectively.

Bank stocks retreated, with ANZ, Westpac, NAB and Commonwealth losing between 0.1% and 1%.

Tech shares gained, with data center operator NextDC surging 13% a day after releasing its 1H earnings. Accounting software provider Xero added 4.4% on the eve of its latest investor day.

ECONOMIC NEWS: Australia's Consumer Price Inflation at 21 Month Low- Australia's consumer price inflation remained steady in January, latest data from the Australian Bureau of Statistics showed on Wednesday. The monthly consumer price index recorded an annual increase of 3.4% in January, marking lowest since November 2021. The most significant contributors to the annual inflation were housing, food and non-alcoholic beverages, alcohol and tobacco and insurance and financial services.

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