AU Evening Wrap: Australia Shares Fall 0.4% Amid RBA's Inflation Update

$S&P/ASX 200 (.XJO.AU)$ closed 0.4% lower at 6948.8, as the central bank flagged that inflation pressures across Australia's economy were likely to ease more gradually than anticipated. Almost all sectors finished in the red, led by energy stocks falling 0.9%. The utility sector was the only exception, rising 0.3%.

The day's worst-performing stock was $TPG Telecom Ltd (TPG.AU)$, falling almost 12%, after announcing it had ended talks with Vocus over the potential sale of non-mobile fiber assets. $ANZ Group Holdings Ltd (ANZ.AU)$ declined 3.3% after releasing its FY 2023 results, while rivals $Westpac Banking Corp (WBC.AU)$ fell 0.3%, $CommBank (CBA.AU)$ closed flat and $National Australia Bank Ltd (NAB.AU)$ rose 1.6%. $Elders Ltd (ELD.AU)$ was the standout stock, gaining 18%, despite a 38% fall in annual net profit.