At closing bell, the benchmark S&P/ASX200 index was down 61.88 points, or 0.85%, to 7,229.39. The broader All Ordinaries index was erased 64.56 points, or 0.86%, to 7,423.16.
Total 10 of 11 sectors were lower along with the S&P/ASX 200 Index. INFORMATION TECHNOLOGY issue underperformed, losing 3.3%, followed by ENERGY (down 2%), CONSUMER DISCRETIONARY (down 1.8%), and UTILITIES (down 1.4%).
The top performing stocks in S&P/ASX200 index were Coronado Global and Champion Iron, up 3% and 2.7% respectively. The bottom performing stocks in S&P/ASX200 index were BEACH ENERGY and PALADIN ENERGY, down 9.9% and 7.4% respectively.
Energy stocks also soured as crude oil prices dropped to an 11-month low on Tuesday amid concerns about the outlook for energy demand as uncertainty and consequences of a continued Fed tightening weighed on the commodity. West Texas Intermediate Crude oil futures for January ended lower by $2.68 or 3.5% at $74.25 a barrel. Woodside Energy slipped by 2%, joined by petroleum company Ampol, which sank 1.7%. Santos was down 1.1% at close after announcing higher shareholder returns and a further A$523 million increase to its on-market share buyback.
Financials were lower, with all four big banks closed firmly in the red, weighed down particularly by ANZ, which lost 1.4%.
Shares of materials were up, with Yancoal climbing 4.1% and Fortescue Metals gaining 2.3%. Pilbara Minerals was up 2.2%, while BHP jumped a modest 0.1%. Coronado Global Resources inched up 2.7%. Iron ore company Grange Resources closed with a 5.1% boost, and copper producer 29Metals closed 3.3% higher.
ECONOMIC NEWS: Australia's gross domestic product expanded 5.9% on year in the third quarter of 2022, the Australian Bureau of Statistics reported. On a seasonally adjusted quarterly basis, GDP picked up 0.6% - slowing from 0.9% in the previous three months. Capital expenditure was down 0.2% on quarter after rising 0.2% in Q2, while the GDP deflator added 0.2% on quarter after jumping 3.3% in the second quarter.
Australian Bureau of Statistics also said the total number of building permits issued in Australia was down a seasonally adjusted 6% on month in Australia, coming in at 15,382. That was following the 8.1% decline in September. On a yearly basis, permits slumped 6.4% following the 12.9% drop in the previous month. The seasonally adjusted estimate for the value of total building approved fell 0.2% in October, following a 7.1% decline in September.
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