Australia Market extends losses

Australian share market finished lower for fourth session on Wednesday, 15 June 2022, as strong risk-averse mood after RBA Governor Philip Lowe warned that inflation could reach 7 percent by the end of the year before easing. Meanwhile, market sentiments also weighed down on caution ahead of U.S. Federal Reserve policy decision later in the day that could see a much more hawkish shift.

At closing bell, the benchmark S&P/ASX200 decreased by 85 points, or 1.27%, to 6,601.03. The broader All Ordinaries index declined by 95.45 points, or 1.39%, to 6,785.76.

The top performing stocks in this index were POLYNOVO and LYNAS RARE EARTH, up 4.8% and 4.2% respectively. The bottom performing stocks in this index were NOVONIX and MEGAPORT, down 13.64% and 11.07% respectively.

All 11 sectors finished in negative territory, with the interest-rate sensitive Tech and Real Estate sectors down most.

In company news today, Rio Tinto (RIO) has delivered first ore from its Gudai-Darri iron ore mine in the Pilbara, Western Australia. It expects production will continue to ramp up for the remainder of the year & 'is expected to reach full capacity during 2023'. The mine has an expected life of more than 40 years. RIO has kept full-year shipments guidance for 2022 steady at 320-335 million tonnes.

CURRENCY NEWS: The Australian dollar changed hands at $0.6904, struggling to recover after last week's fall from levels above $0.72.

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