At closing bell, the benchmark S&P/ASX200 index was down 78.65 points, or 1.06%, to 7,352.21. The broader All Ordinaries index fell 69.49 points, or 0.91%, to 7,559.11.
Total 6 of 11 sectors were lower along with the S&P/ASX 200 Index. Financial was the worst performing sector, falling 3.4%, followed by consumer staples (down 1.36%), and energy (down 0.88%). Utilities was the best performing sector, gaining 1.12%.
The top performing stocks in S&P/ASX200 index were THE STAR ENTERTAINMENT and GUD HOLDINGS, up 14.4% and 8.1% respectively. The bottom performing stocks in S&P/ASX200 index were BRAINCHIP HOLDINGS and CORPORATE TRAVEL MANAGEMENT, down 13.56% and 8.70% respectively.
Shares of financial sector tumbled the most, with CBA, ANZ and NAB each losing more than 3% amid concerns that the bank's profit margins may have peaked. Commonwealth Bank of Australia slumped up to 5.7% after flagging tailwinds from inflationary pressures, rising rates, supply chain disruptions. It saw loan impairment expenses increasing by A$586 million in the half year.
Materials were mixed. Mining heavyweights Rio Tinto and BHP ended the day in the green, up 1.5% and 0.5%, respectively, while Fortescue's share price fell 0.8% after the company announced a 15% hit to its half-year profits and a scale-back on dividends.
Shares of Building materials maker James Hardie rose 2% on plans to cut 6% of its global workforce in a cost clamp-down to bolster its results amid rising interest rates.
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Healthcare manufacturer Cochlear was up 7.75% after the company announced a buyback of least $75 million of its shares, commencing in March.
CURRENCY NEWS: The Australian dollar was stood at 0.6914 against greenback on Wednesday, down by 1% from previous trading day closure at 0.6985 after trading in the range of 0.6907-0.6990.
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