Australia Market falls for the third day in a row

Australia stock market finished session lower on Thursday, 08 December 2022, extending the losses in the previous two sessions, with the energy and coal stocks leading the declines. At closing bell, the benchmark S&P/ASX200 index was down 53.84 points, or 0.74%, to 7,175.55. The broader All Ordinaries index was down 53.80 points, or 0.72%, to 7,369.35.

Total 7 of 11 sectors were lower along with the S&P/ASX 200 Index. Energy issue underperformed, losing 2.7%, followed by financials (down 0.96%), materials (down 0.9%), and telecommunication services (down 0.76%). Utilities was the best performing sector, gaining 0.82%

The top performing stocks in S&P/ASX200 index were CHALICE MINING and WEST AFRICAN RESOURCES, up 13.1% and 4.6% respectively. The bottom performing stocks in S&P/ASX200 index were DOWNER EDI and CORE LITHIUM, down 20.4% and 9.9% respectively.

 

Shares of energy companies declined as crude oil prices fell to its lowest level this year, with coal miners leading losses as the federal government's asking the states to cap the price of coal at $125 per tonne in attempts to close a deal on the energy crisis. New Hope and Whitehaven slid 2.6% and 1.3%, respectively, while energy giants Woodside and Santos were also both in negative territory, falling 4.3 and 1.1%.

Shares of gold miner enjoyed a healthy session after gold futures rose overnight. Evolution added 3.6%, along with Newcrest and Northern Star Resources, which gained 2% and 1.9%, respectively.

ECONOMIC NEWS: Australia posted a merchandise trade surplus of A$12.217 billion in October, the Australian Bureau of Statistics reported. Exports were down 0.9% on month to A$60.066 billion after rising 7.0% in the previous month. Total goods credits were down 1.1% at A$53.253 billion, while total services credits rose 0.4% to A$6.813 billion. Imports fell 0.7% on month to A$47.850 billion after being roughly flat a month earlier.

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