Australia Market falls 0.85%

Australia stock market finished session steep lower on Friday, 17 May 2024, snapping two days winning streak, as profit taking resumed on tracking weak lead from Wall Street overnight after Federal Reserve officials suggested that interest rates may need to stay higher for longer even as inflation shows early signs of easing.

At closing bell, the benchmark S&P/ASX200 index declined 66.92 points, or 0.85%, to 7,814.37. The broader All Ordinaries index was down 67.71 points, or 0.83%, to 8,082.35.

Total 10 of 11 sectors were lower along with the S&P/ASX 200 Index. A material was the best performing sector, gaining +0.39%. Information technology was sector was bottom performer, down 3.05%,

The best-performing stocks in S&P/ASX200 index were BENDIGO AND ADELAIDE BANK and LIONTOWN RESOURCES, up 8.16% and 4.91% respectively. The bottom performing stocks in S&P/ASX200 index were NANOSONICS and POLYNOVO, down 6.31% and 5.45% respectively.

Bendigo and Adelaide Bank shot up 8.2% after a solid trading update that revealed cash earnings higher than expected.

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