AU Evening Wrap: ASX Falls; Real Estate, Utilities Stocks Lead Decline

The $S&P/ASX 200(.XJO.AU)$ fell 0.7 per cent, or 49 points, to 7401.7 points at midday, weighed down by the real estate and utilities sectors.

Real estate stocks fell 1.4 per cent, with $Goodman Group(GMG.AU)$ and $Charter Hall Long WALE REIT(CLW.AU)$ down 2.2 and 2.7 per cent respectively.

Utilities have dropped 1.2 per cent. $AGL Energy Ltd(AGL.AU)$ is the worst hit in the sector, dropping 4.5 per cent following a downgrade from broker Macquarie to a "neutral" rating. $Meridian Energy Ltd(MEZ.AU)$ is down 2.3 per cent to $5.12, while $APA Group(APA.AU)$ is 1.5 per cent lower at $9.83.

$PSC Insurance Group Ltd(PSI.AU)$ rallied 2.9 per cent after reporting it now expects to deliver $111 million in earnings in financial 2023.

Gold miner $Westgold Resources Ltd(WGX.AU)$ has tumbled 8.5 per cent after forecasting its full-year production and cost guidance for 2024.

The big four banks are also trading lower, with $CommBank(CBA.AU)$ hit hardest, slipping 1.8 per cent to $103.95.