At closing bell, the benchmark S&P/ASX200 dropped 18.33 points, or 0.25%, to 7,430.38. The broader All Ordinaries index fell 18.29 points, or 0.24%, to 7,739.70.
Total 6 of 11 sectors ended lower along with the S&P/ASX 200 Index. Telecommunications Services was the best performing sector, gaining 2.69%, while materials was worst performing sector, falling 2.35%.
The bottom performing stocks in this index were POINTSBET HOLDINGS and IOOF HOLDINGS, down 18.3% and 8.5% respectively. The top performing stocks in this index were POINTSBET HOLDINGS and IOOF HOLDINGS, up 18.3% and 8.5% respectively.
The Reserve Bank of Australia decision to skip buying the April 2024 bond propelled the yield soaring above its target and stoking fears that rates would be raised 2 years earlier than current forecast of 2024.
Shares of materials and resources extended losses from the previous session, due to weaker iron ore prices. BHP and Rio Tinto lost 1.7% and 1.5%, respectively. Fortescue Metals Group edged up slightly after reporting record first quarter iron ore shipments.
Shares of energy companies declined as crude oil prices extended overnight losses on expectation of increasing Iranian supply after Iran and the EU agreed to restart negotiations on a revival of the 2015 nuclear accord. Origin Energy, Santos and Woodside Petroleum all lost around 2%. Whitehaven Coal shares fell almost 5% after China's decision to monitor surging coal prices.
ECONOMIC NEWS: Australia Export Prices Slow 6.2% On Quarter In Q2- Australia export prices were up 6.2% on quarter in the third quarter of 2021, the Australian Bureau of Statistics said on Thursday, slowing from the 13.2% jump in Q2. Import prices rose 5.4% on quarter, accelerating from 1.9% in the three months prior. On a yearly basis, export prices skyrocketed 41.0% and import prices jumped 6.4%.
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CURRENCY NEWS: The Australian dollar changed hands at $0.7514, off levels around $0.753 seen earlier this week.
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