Australia stock market finished lower for third consecutive session on Thursday, 08 June 2023, as risk aversion selloff continued on tracking soft lead from Wall Street overnight, with shares in technology and realty companies stocks leading retreats. At closing bell, the benchmark S&P/ASX200 index declined 18.33 points, or 0.26%, to 7,099.66. The broader All Ordinaries index fell 22.15 points, or 0.3%, to 7,288.28.
Total 6 of 11 sectors were lower along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining 1.33%. Information technology was the worst performing sector, falling 3.83%, followed by A-REIT (down 2.51%).
The top performing stocks in the S&P/ASX 200 Index were NEW HOPE CORP and WHITEHAVEN CORP, up 8.6% and 5.54% respectively. The bottom performing stocks in S&P/ASX200 index were IMUGENE and CENTURIA CAPITAL GROUP, down 7.00% and 6.34% respectively.
Energy stocks advanced, with coal miners Whitehaven (up 5.5%) and Yancoal (up 4.4%) leading gains. Oil giants Woodside (up 1.1%) and Santos (up 0.7%) gained after Brent Crude oil prices edged up 0.8%.
Shares of materials and resources gained as the iron ore price climbed 1.1% overnight, with BHP (up 1.2%), South32 (up 2.1%) and Rio Tinto (up 2.1%) all gaining.
Utilities also advanced, including AGL (up 2.2%) and APA Group (up 0.9%) as investors sought to shield themselves from the prospect of higher interest rates through the sector's annuity-style earnings.
Shares of technology sector declined on tracking fall of big-name technology stocks on Wall Street. Accounting software company Xero (down 5.3%), Seek (down 4.6%) and Altium (down 4.9%) were among the biggest large-cap decliners.
Shares of realty sector dropped as higher interest rates weigh on property prices and clouded the outlook for retail properties. Goodman Group (down 2.4%), Stockland (down 3.7%) and shopping centre owner Scentre Group (down 3.3%) all dropped.
CURRENCY NEWS: The Australian dollar stood at 0.6677 against greenback, up 0.1% from previous trading day closure at 0.6677 after trading between range of 0.6661-0.6690.
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