Meanwhile, selloff pressure fuelled further amid concerns about the raging spread of the coronavirus omicron variant and its impact on the pace of economic recovery from the pandemic. New South Wales records 17,316 new cases and 29 deaths on Wednesday. Victoria reported 13,755 new cases and 15 deaths, Queensland recorded 11,600 new cases and 15 deaths, Tasmania reported 726 new cases, South Australia reported 1,953 new cases, and ACT reported 884 new cases.
At closing bell, the benchmark S&P/ASX200 stumbled 123.34 points, or 1.77%, to 6,838.28. The broader All Ordinaries index sank 133.59 points, or 1.84%, to 7,114.53.
Total 9 of 11 sectors were lower along with the S&P/ASX 200 Index. Information Technology was the worst performing sector, losing 5%, followed by consumer discretionary (down 3.7%). Energy was the best performing sector, gaining +2.11%.
The top performing stocks in this index were BEACH ENERGY and PLATINUM ASSET MANAGEMENT, up 8.81% and 4.66% respectively. The bottom performing stocks in this index were EVOLUTION MINING and SILVER LAKE RESOURCES, down 11.28% and 11.04% respectively.
ECONOMIC NEWS: Australia Export Prices Up 3.5% On Quarter In Q4- Australia export prices were up 3.5% on quarter in the fourth quarter of 2021, the Australian Bureau of Statistics said on Thursday, slowing from 6.2% in the three months prior. On a yearly basis, export prices skyrocketed 38.3%. Import prices rose 5.8% on quarter, up from 5.4% in the previous three months. They were up 13.8% on year.
CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, rose 0.92% to 96.827. The Japanese yen traded at 114.84 per dollar, weakening from an earlier level around 114.45, while the Australian dollar fell 0.6% to $0.7071.
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