Australia Market halts five-day rising streak as big banks slide

Australia stock market finished session lower on Thursday, 09 May 2024, snapping five days winning streak, as investors opted to withdraw some profit off the table, with of banks and financial stocks leading declines after Commonwealth Bank of Australia reported lower profit in its third quarter.

At closing bell, the benchmark S&P/ASX200 index fell by 82.85 points, or 1.06%, to 7,721.64. The broader All Ordinaries index was down 82.51 points, or 1.02%, to 7,994.22.

The best-performing stocks in S&P/ASX200 index were POLYNOVO and PINNACLE INVESTMENT MANAGEMENT GROUP, up 8.02% and 6.68% respectively. The bottom performing stocks in S&P/ASX200 index were PERPETUAL and DOMAIN HOLDINGS, down 7.08% and 3.67% respectively.

 

Shares of banks and financials declined, with Commonwealth Bank of Australia leading decline, down 2.2%, after the lender cash profit fell 5% to $2.4 billion in March quarter, compared to the same time last year. Westpac shares also sank 5.6%, while NAB was down 1.3% and ANZ 1.1%.

ECONOMIC NEWS: Australia Building Permits Climb 1.9% In March- The total number of building permits issued in Australia was up a seasonally adjusted 1.9% on month in March, the Australian Bureau of Statistics said on Thursday - coming in at 12,947. Private house approvals gained 3.8% to 8,891 - again matching forecasts following the 12.4% surge in the previous month. Private sector dwellings excluding houses rose 3.6% to 3,936. On a yearly basis, total approvals fell 2.2%. The value of total building approved rose 15.9%, following a 16.8% February decrease.

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