At closing bell, the benchmark S&P/ASX200 index was down 22.11 points, or 0.32%, to 6,975.95. The broader All Ordinaries index dropped by 13.51 points, or 0.19%, to 7,202.87.
The top performing stocks in this index were PINNACLE INVESTMENT MANAGEMENT GROUP and TYRO PAYMENTS, up 12.2% and 9.6% respectively. The bottom performing stocks in this index were CENTURIA INDUSTRIAL REIT and THE STAR ENTERTAINMENT GROUP, down 4% and 3.6% respectively.
Total 9 of 11 ASX sectors closed lower, with Consumer Discretionary was the worst performing sector, falling 1.23%, followed by consumer staple (down 0.9%) and financials (down 0.88%). information technology was the best performing sector, gaining 2.18%, followed by materials (up 0.35%).
Financial stocks declined after three U.S central bank officials reaffirmed the need to raise interest rates to curb inflation at the risk of slowing growth, with the "big four" banks shed between 0.4% and 1.6%.
Energy stocks slipped as crude oil prices eased ahead of a meeting of OPEC+ producers. Woodside Energy and Santos dropped 0.3% and 2.1%, respectively.
Technology stocks gained, with accounting software provider Xero and ASX-listed shares of Block Inc up about 3.6% and 5%, respectively.
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Rare earths miner Lynas surged 7% after it unveiled plans to invest A$500 million to expand capacity at its Mt Weld mine.
Fund manager Pinnacle Investment Management Group jumped more than 12% after posting robust annual results.
ECONOMIC NEWS: The S&P Global released services PMI data on Wednesday, showing services sector in Australia continued to expand in July with score of 50.9. That's down from 52.6 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the composite PMI fell to 51.1 in July from 52.6 in June.
Meanwhile, the Australian Bureau of Statistics said the total value of retail sales in June was up a seasonally adjusted 0.2% on month in June, coming in at A$34.239 billion. On a yearly basis, retail sales climbed 12%. For the second quarter of 2022, the value of retail sales climbed a seasonally adjusted 1.4% on quarter to A$94.281 billion.
CURRENCY NEWS: The Australian dollar was at $0.6933, after it fell following the Reserve Bank of Australia's rate hike on Tuesday.
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