Australia Stock Market Sees 0.56% Decline

On Friday, March 15, 2024, Australia’s stock market concluded lower for the second consecutive session, mirroring declines on Wall Street overnight amidst a cautious sentiment ahead of the upcoming monetary policy meetings at the U.S. Federal Reserve. The materials, consumer discretionary, technology, and industrial sectors led the losses.

At the closing bell, the benchmark S&P/ASX200 index fell by 43.35 points, or 0.56%, to 7,670.28. Meanwhile, the broader All Ordinaries index dropped by 50.19 points, or 0.63%, to 7,923.76. Out of the 11 sectors, 8 were in the red alongside the S&P/ASX 200 Index. Materials emerged as the worst-performing sector, witnessing a decline of 1.91%, followed by consumer discretionary (down 1.03%), information technology (down 0.86%), and industrials (down 0.81%). However, the energy sector stood out as the best performer, gaining 2.01%.

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Among the top-performing stocks in the S&P/ASX200 index were STRIKE ENERGY and TELIX PHARMACEUTICAL, up 6.12% and 4.68%, respectively. Conversely, EMERALD RESOURCES NL and LIONTOWN RESOURCES were among the bottom performers, witnessing declines of 10.06% and 8.42%, respectively.

The decline in shares of materials and resources was attributed to sluggish underlying commodity prices, particularly in iron ore due to weaker demand from China. This decline was further exacerbated by the Chinese central bank’s decision to maintain its one-year medium-term lending facility loans rate at 2.5%. Energy sector stocks, however, saw gains after Brent Crude oil prices climbed 1.7%, with major beneficiaries including Santos (up 2.2%) and Woodside (up 2.2%).

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