AU Evening Wrap: Australia Shares Lose 0.2%; Star Shares Crumble

Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.2% lower at 7417.8, dragged to a third consecutive loss by both large-cap and growth stocks. The heavyweight financial and materials sectors, which together make up more than 50% of the benchmark index by market capitalization, gave up 0.4% and 0.2%, respectively.

Losses among shares of iron ore majors and lithium miners more than offset gains by some gold stocks. The more volatile tech sector dropped 0.6%, with $Xero Ltd (XRO.AU)$, $Nextdc Ltd (NXT.AU)$ and $IRESS Ltd (IRE.AU)$ losing between 1.4% and 2.3%. The consumer-discretionary sector shed 1.4% as $The Star Entertainment Group Ltd (SGR.AU)$ tumbled 21% on news its Sydney casino is struggling financially. Entertainment retailer $JB Hi Fi Ltd (JBH.AU)$ lost 5.1% after saying sales moderated in January. The energy sector rose 1.8%.