At closing bell, the benchmark S&P/ASX200 index was down 12.13 points, or 0.16%, to 7,481.70. The broader All Ordinaries index declined 9.15 points, or 0.12%, to 7,700.40.
Total 6 of 11 sectors ended lower along with the S&P/ASX 200 Index. Information Technology was the best performing sector, gaining +2.32%, followed by telecommunication services (up 1.08%), and utilities (up 0.4%), while Consumer staple was worst performing sector, erasing 0.74%, followed by healthcare (down 0.7%), financials (down 0.38%), and financial (down 0.3%).
The top performing stocks in S&P/ASX200 index were CORE LITHIUM and NOVONIX, up 8.85% and 7.5% respectively. The bottom performing stocks in S&P/ASX200 index were CHAMPION IRON and RESMED INC, down 7.1% and 6.8% respectively.
Shares of material companies declined, with BHP, Rio Tinto and Fortescue all in the red despite stronger iron ore prices. March iron ore prices on the Singapore exchange hit a seven-month peak of $US130.55 a tonne and the May Dalian futures contract jumped 3.9% to 890 yuan ($131.77) following a week-long holiday in China for the Lunar New Year.
OZ Minerals was unchanged as record copper production was offset by surging power prices in its South Australian operations. OZ Minerals reported a 21% lift in copper production in the December quarter, compared to the prior three months, resulting in the company achieving its 2022 group output and cost guidance. The company's December quarter production of 36,307 tonnes of copper is its highest on record. Net revenue for the year was $1.9 billion, an 8% decrease on the prior year primarily due to reduced sales volumes and weaker copper prices.
Lynas Rare Earths jumped 6.9% on higher revenues in the December quarter. The company reported sales revenue of $232.7 million for the three months to December 31, up from $202.7 million in the prior corresponding period. Sales receipts of $168.4 million were a reflection of timing of deliveries which occurred later in the quarter. Neodymium and praseodymium (NdPr) production was 1,508 tonnes and rare earth oxide output was 4,457 tonnes for the quarter.
Shares of financials declined with Insurers IAG and Suncorp being among the biggest laggards after warning that the number of claims due to floods in New Zealand would climb. IAG shed 3.7% and Suncorp eased 2%. The major banks were mixed.
CURRENCY NEWS: The Australian dollar was stood at 0.7088 against greenback on Monday, down by 0.2% from previous trading day closure at 0.7103 after trading in the range of 0.7084-0.7120.
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