At closing bell, the benchmark S&P/ASX200 declined 50.50 points, or 0.68%, to 7,369.93. The broader All Ordinaries index dropped 43.11 points, or 0.56%, to 7,704.03.
The bottom performing stocks in this index were NUFARM and COMMONWEALTH BANK OF AUSTRALIA, down 8.57% and 8.07% respectively. The top performing stocks in this index were UNITI GROUP and NICKEL MINES, up 8.3% and 6% respectively.
Shares of banks and financials were biggest drag on the market, with Commonwealth Bank of Australia leading losses with shares plummeted 8.6% after the lender sounded a warning on loan margins. Rivals ANZ, NAB and Westpac lost 1-2%.
Materials stocks were also down, with BHP, Rio Tinto and Fortescue Metals Group down 1-2% as iron ore prices dropped for a fourth straight session amid a rising greenback.
Shares of Nufarm declined 8.6% after the company warned of margin pressure from raw material costs. Seed technology and crop protection maker Nufarm reported an underlying net profit for the 12 months through September of A$61.1 million , compared with a A$73.1 million loss a year earlier. Nufarm said its new fiscal year had started well but flagged continued margin pressure from raw material costs and challenges from global logistics and supply chains.
CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 95.998, jumping from levels above 95.9 earlier after better-than-expected U.S. retail data renewed concerns about an earlier than expected rate hike by the U.S. Federal Reserve. The Australian dollar was at $0.7286, sliding from levels around $0.73 earlier.
Powered by Capital Market - Live News