AU Evening Wrap: Australia Shares Dip as Mining Shares Decline; Financials Offer Limited Support
Market Performance
The Australian $S&P/ASX 200(.XJO.AU$ closed marginally down by 0.2% at 7816.8, impacted by the downturn in mining shares.
The materials sector, which experienced a 1.2% drop, faced pressures from a weakening in both iron-ore and lithium stocks. Major mining players such as $BHP Group Ltd(BHP.AU$, $Rio Tinto Ltd(RIO.AU$, and $Fortescue Ltd(FMG.AU$ , which collectively represent over 60% of the sector's market capitalization by value, saw their shares decline between 1.0% and 1.3%.
Concurrently, energy shares were not immune to the downward trend as they fell in response to decreasing oil prices.
However, the descent was somewhat mitigated by the performance of financial stocks. Despite a mixed showing from bank shares, uplifts in the wealth management and insurance segments contributed to a slight 0.2% rise in the financial sector.
For the week thus far, the ASX 200 has recorded a modest decrease of 0.1%.
Top News
Reserve Bank of New Zealand Holds Official Cash Rate Steady at 5.5%
In its latest policy assessment, the Reserve Bank of New Zealand has opted to uphold the official cash rate at 5.5%. This decision comes with the anticipation that headline inflation will align with the central bank's target range of 1% to 3% in the latter half of the year. The Bank cites a moderation in inflation, attributed to diminishing domestic cost pressures and a relaxation of the labor market, as factors complementing its stringent policy approach.
Source: Dow Jones Newswires, AFR, ASX
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
Australian stock market news that is available at your fingertips
3780Followers
6Following
108KVisitors
Follow