AU Evening Wrap: Australia Shares Fall 0.5% for Third Straight Decline
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.5% lower at 7628.2, slipping to a third straight decline amid weakness in shares of large banks and miners. The benchmark index, which was coming off its largest decline in almost five weeks after hotter-than-expected April inflation data, opened lower following a soft lead by U.S. equities and spent the whole session in the red.
The heavyweight materials sector lost 1.9%. $BHP Group Ltd (BHP.AU)$ fell 1.7% after withdrawing a plan to acquire Anglo American. Iron-ore rivals $Rio Tinto Ltd (RIO.AU)$ and $Fortescue Ltd (FMG.AU)$ shed 1.5% and 3.1%, respectively.
Banks $National Australia Bank Ltd (NAB.AU)$, $CommBank (CBA.AU)$, $Westpac Banking Corp (WBC.AU)$ and $Macquarie Technology Group Ltd (MAQ.AU)$ edged lower by between 0.1% and 0.6%.
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Source: Dow Jones Newswires, AFR, ASX
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