AU Evening Wrap: Australian Market Edges Down 0.3%, Recovers from Steeper Declines

The Australian $S&P/ASX 200 (.XJO.AU)$ index concluded the day 0.3% lower at 7759.6, recovering from more substantial losses earlier in the session, yet marking a consecutive day of decline. After a precipitous 1.7% drop in the first hour, attributed to lingering concerns over unexpectedly high inflation figures reported in the previous session, the market made a steady comeback throughout the rest of Thursday. Nonetheless, the index finished the week 0.5% down thus far.

The materials sector ended the day unchanged, with the large-scale iron ore producers showing a varied performance. Financial institutions, vulnerable to rising interest rates, were among the key underperformers. Major banks including $Westpac Banking Corp (WBC.AU)$, $CommBank (CBA.AU)$, $National Australia Bank Ltd (NAB.AU)$, and $ANZ Group Holdings Ltd (ANZ.AU)$ experienced losses ranging from 0.55% to 0.8%. Meanwhile, the real estate sector saw a significant decrease of 2.3%, with the majority of its constituents trading ex-dividend.

$Westpac Banking Corp (WBC.AU)$ successfully repurchased a total of 453,086 shares, amounting to AU$12.4 million. This development was disclosed in a formal filing with the Australian securities exchange. Westpac Banking has outlined plans to execute a substantial on-market share buyback program. The institution has earmarked up to AU$2.5 billion for this initiative, which is scheduled to continue until May 13, 2025.