Australia Market falls for 2nd day

Australia stock market finished in negative territory for a second straight session on Tuesday, 05 March 2024, with losses in financial, energy, and consumer related stocks overshadowed gains in healthcare and materials.

At closing bell, the benchmark S&P/ASX200 index was down 11.59 points, or 0.15%, to 7,724.20. The broader All Ordinaries index sank 8.20 points, or 0.1%, to 7,988.26.

Total 7 of 11 sectors were lower along with the S&P/ASX 200 Index. Health Care was the best performing sector, gaining +1%, followed by materials (up 0.56%). Consumer discretionary was the worst performing sector, falling 1.2%, followed by consumer staples (down 1.05%), utilities (down 0.93%), and telecommunication services (down 0.71%).

The top performing stocks in S&P/ASX200 index were HEALIUS and IRESS, up 14.67% and 12.5% respectively. The bottom performing stocks in S&P/ASX200 index were PILBARA MINERALS and STRIKE ENERGY, down 7.03% and 6.82% respectively.

Shares of materials and resources rebounded, with gold miners Newmont (up 5.5%), Evolution (up 2.6%) and Northern Star (up 3%) leading rally after a 1.6% rise in the gold price. Meanwhile, mining heavyweight BHP (up 0.9%), Fortescue (up 1.9%) and Rio Tinto (up 1.1%) also ended higher.

Healthcare shares were also relatively strong, with Resmed (up 3.2%) leading gains in the sector. Shares in embattled pathology group Healius rallied 14.7% after it appointed Paul Anderson to take over as chief executive from Maxine Jaquet, and launched a strategic review.

Utilities was the weakest sectors with Mercury NZ shedding 4.3% and Meridian Energy dropping 2.4%.

Shares of consumer discretionary and consumer staples were weaker. Wesfarmers slipped 1.8%, while supermarket giants Coles (down 3.3%) and Woolworths (down 0.3%) moved lower.

ECONOMIC NEWS: Australia's Q4 2023 Current Account Surplus Surges -Australia's current account surplus surged to AUD 11.8 billion in Q4 2023 from a revised AUD 1.3 billion in Q3, marking the largest surplus since Q2 2022. The increase was driven by a rise in the trade surplus and a decline in the net primary income deficit. The balance of goods and services surplus rose to AUD 31.4 billion, boosted by mining commodity exports. The net primary account deficit also decreased, reaching the smallest deficit since Q3, amid reduced profits on foreign direct investment. The net secondary income deficit narrowed as well.

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