At closing bell, the benchmark S&P/ASX200 index was down 34.84 points, or 0.46%, to 7,504.14. The broader All Ordinaries index declined 32.87 points, or 0.42%, to 7,713.06.
Total 9 of 11 sectors ended lower along with the S&P/ASX 200 Index. A-REIT was worst performing sector, erasing 1.62%, followed by healthcare (down1.41%), consumer discretionary (down 1.27%), and consumer staples (down 1.17%) issues. Energy was the best performing sector, gaining 0.48%.
The top performing stocks in S&P/ASX200 index were NEW HOPE CORP and LINK ADMISTRATION HOLDINGS, up 3.7% and 3.43% respectively. The bottom performing stocks in S&P/ASX200 index were ARB CORPORATION. and LIFESTYLE COMMUNITIES, down 12.39% and 5.73% respectively.
ECONOMIC NEWS: Australia Trade Surplus At A$12.237 Billion In December- Australia posted a seasonally adjusted merchandise trade surplus of A$12.237 billion in December, the Australian Bureau of Statistics said on Tuesday. Exports were down 1.4% on month to A$57.841 billion after slipping 1% in the previous month. A decline in mineral fuel exports was the main reason for the decline. Imports rose 1% on month to A$45.604 billion after shedding 1% a month earlier. Travel services were the primary driver of the increase.
Australia Hikes Interest Rate By 25Bps- Australia's central bank raised its benchmark rate by a quarter-point on Tuesday, as widely expected. At the first meeting of the year, the board decided to lift the cash rate target by 25 basis points to 3.35%. The interest rate on Exchange Settlement balances was also raised by 25 basis points to 3.25%. The current sequence of policy tightening has taken the cash rate target to 3.35% from 0.1%, indicating a total 325 basis-point increase since April 2022.
Among individual stocks, Macquarie Group was up 0.7% after revealing volatile energy and commodity markets had beefed up its profits, offsetting the weaker earnings in the investment heavyweight's flagship asset management arm.
Nuix's shares stormed up nearly 44% after its trading halt was lifted in the afternoon. A former chief executive of the tech company has lost a court battle that could have delivered him damages worth almost as much as the controversial tech stock's current market value.
CURRENCY NEWS: The Australian dollar was stood at 0.6932 against greenback on Tuesday, up by 0.75% from previous trading day closure at 0.6881 after trading in the range of 0.6883-0.6952.
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