AU Evening Wrap: Australia Shares Slip 0.5% as Miners, Banks Fall
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.5% lower at 7811.8, losing its chance at a record high amid weakness in shares of large-cap miners and banks. The ASX 200 is now 1.1% off the record high it set in March.
Eight of the nine largest companies by market capitalization finished in the red, led by $BHP Group Ltd (BHP.AU)$. The iron-ore giant lost 2.9% as analysts continued to mull the chances of it succeeding with its play for Anglo American. $Fortescue Ltd (FMG.AU)$ lost 1.1% and $Rio Tinto Ltd (RIO.AU)$ shed 2.0%.
Banks $CommBank (CBA.AU)$, $Westpac Banking Corp (WBC.AU)$, $ANZ Group Holdings Ltd (ANZ.AU)$, $Macquarie Technology Group Ltd (MAQ.AU)$ and $National Australia Bank Ltd (NAB.AU)$ lost between 0.6% and 1.1% as Goldman Sachs analysts highlighted continued margin headwinds in mortgages.
Top News
Australian Inflation Moderates, Wage Stable in May
According to the Melbourne Institute Survey of Consumer Inflationary Expectations released on Thursday, inflation expectations in Australia fell by 0.5% to 4.1% in May. The figure is 1.1% below the year-ago number and is at its lowest point since the third quarter of 2021. The survey also found that total pay is expected to grow by 1.2% over the next 12 months, indicating a broader pattern of moderating expected inflation and relatively stable wage expectations.
Xero Reports NZ$174.6M Annual Profit on Revenue Jump
Cloud-accounting software provider $Xero Ltd (XRO.AU)$ has reported a net profit of NZ$174.6 million (US$106.5 million) for the 12 months through March, compared to a loss of NZ$113.5 million the previous year. The New Zealand-based company's jump in revenue by 22% was attributed to subscriber and price growth.
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
4816Followers
6Following
174KVisitors
Follow