AU Evening Wrap: ASX 200 Lower as Consumer Stocks Dumped and CBA Disappoints
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 1.1% lower at 7721.6, snapping a five-session run of gains amid weakness in shares of banks and consumer-facing companies.
The benchmark index opened lower and kept falling through the day, finishing around its session lows. Lenders $ANZ Group Holdings Ltd (ANZ.AU)$, $National Australia Bank Ltd (NAB.AU)$ and $CommBank (CBA.AU)$ lost between 1.1% and 2.2% after the latter -- Australia's largest bank by market capitalization -- reported a 5% fall in 3Q cash earnings. Rival $Westpac Banking Corp (WBC.AU)$ traded ex-dividend and lost 5.6%. Entertainment retailer $JB Hi Fi Ltd (JBH.AU)$ fell 4.5% after posting a trading update. With consumer spending under pressure from higher interest rates, fellow discretionary retailers Premier Investments, $Wesfarmers Ltd (WES.AU)$ and $Harvey Norman Holdings Ltd (HVN.AU)$ lost between 3.2% and 3.8%.
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Source: Dow Jones Newswires, AFR, ASX
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