Australia Market falls on inflation woes

The Australian share market finished lower on the final trading day of the week and month, Friday, 29 October 2021, as risk aversion selloff triggered amid renewed inflation concerns after the country recorded an increase in core inflation to a six-year high level in the third quarter. At closing bell, the benchmark S&P/ASX200 dropped 106.64 points, or 1.44%, to 7,323.74. The broader All Ordinaries index fell 100.62 points, or 1.3%, to 7,639.07.

Total 9 of 11 sectors ended lower along with the S&P/ASX 200 Index. The consumer staple was session's worst performing sector, falling 4.1%, followed by utilities (down 3%), real estate (down 2.7%), materials (down 2.2%), and industrials (down 2.2%). Healthcare was the best performing sector, gaining 1.3%.

The bottom performing stocks in this index were UNIBAIL-RODAMCO-WESTFIELD and POINTSBET HOLDINGS, down 6.2% and 4.4% respectively. The top performing stocks in this index were UNIBAIL-RODAMCO-WESTFIELD and POINTSBET HOLDINGS, up 6.2% and 4.4% respectively.

ECONOMIC NEWS: Australia Retail Sales Up 1.3% In September- Australia total value of retail sales was up a seasonally adjusted 1.3% on month in September, the Australian Bureau of Statistics said on Friday, coming in at A$29.669 billion, following the 1.7% decline in August. Individually, sales were up for household goods, clothing, cafes and other retailing; sales were down for food and department stores.

CURRENCY NEWS: The Australian dollar changed hands at $0.7538, largely holding on to gains after climbing from below $0.75 earlier in the week.

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