Market sentiments were subdued as investors closely watched developments in Ukraine amid the escalation of the ongoing Russia-Ukraine crisis and the increasing sanctions on Russia. Also dampening sentiments were hawkish policy stance by the Federal Reserve and concerns over the Chinese economy after Shanghai came under a lockdown due to rising COVID-19 infections.
At closing bell, the benchmark S&P/ASX200 advanced by 6.17 points, or 0.08%, to 7,412.42. The broader All Ordinaries index fell 0.61 point, or 0.01%, to 7,689.26.
Shares of materials sector climbed on firmer commodity prices. Sector majors Rio Tinto and Fortescue Metals Group climbed 1.4% and 0.8%, respectively, while BHP Global added 2.3
Financials rose, with the "Big Four" banks being major gainers. Westpac Banking Corp rose 1.2%, while National Australia Bank added 1%.
Gold stocks ended lower on profit booking as bullion prices fell after the U.S. dollar and Treasury yields firmed. Newcrest Mining, Australia's largest gold miner, shed 0.2%, while Evolution Mining lost more than 2%.
In company news, Shares of Carnarvon Energy (CVN) have entered into a trading halt after the company announced a capital raise. CVN aims to raise approximately A$70 million (30-cents-per-share) which, with its existing cash balance (~$77.3 million), will be used to bring the Dorado liquids development to a Final Investment Decision in 2022. CEO Adrian Cook said that the funds will also be used to test the significant amount of tie-in potential close to the Dorado development.
CURRENCY NEWS: The Australian dollar was at $0.753, having risen from below $0.74 last week.
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