At closing bell, the benchmark S&P/ASX200 index was down 35.28 points, or 0.5%, to 6,964.02. The broader All Ordinaries index was down 41.73 points, or 0.58%, to 7,145.69.
Total 6 of 11 sectors ended down, with energy (down 2.1%) sector was worst performer, while utilities (up 13.2%) sector was outperformed.
The top performing stocks in S&P/ASX200 index were ORIGIN ENERGY and PERPETUAL, up 34.8% and 14.8% respectively. The bottom performing stocks in S&P/ASX200 index were PENDAL GROUP and XERO, down 10.9% and 10.9% respectively.
Overnight on Wall Street, shares ended lower as uncertainty around the outcome of a tightly contested election as the GOP's midterm 'red wave' failed to materialize. Control of both houses of Congress remains up for grabs following yesterday's elections, although Republicans are projected to earn a narrow majority in the House. The performance by Republicans was not as strong as many had expected, with many candidates backed by former President Donald Trump underperforming. It remains unclear which party will have a majority in the Senate, as key races in Georgia, Nevada and Arizona currently remain undecided. A divided government is often seen as positive for US stock markets, as gridlock between Congress and the White House reduces the likelihood of passing disruptive new regulations or tax increases.
Traders continued to look ahead to report on US consumer price inflation data due later in global day which would give clues about how much the U.S. Federal Reserve's rapid interest rate hikes are helping cool down the economy.
Back to home, energy stocks were biggest drag on the market after crude oil prices declined amid rise in US crude stockpiles and concerns over a COVID-19 rebound in China hit oil prices. Woodside Energy lost 2.3% to A$37.98 and Santos fell 1.6% to A$7.52.
Among individual companies, Origin Energy shares skyrocketed more than 34% after it backed an A$18.4 billion non-binding takeover bid from a consortium led by Canada's Brookfield Asset Management.
Xero shares declined nearly 11% after the software company reported a wider loss for the first half of fiscal 2023 and replacing its CEO. Mr Vamos will be succeeded by former Google regional president Sukhinder Singh Cassidy when the handover takes place February 1, 2023.
Investment management firm Pendal lost 11% after revealing that its rival Perpetual had sought to delay their merger as it faces a takeover bid of its own.
Shares in Perpetual surged 15% after it rejected a sweetened A$1.85 billion acquisition offer from EQT-owned Barings Private Equity Asia (BPEA) and Regal Partners. The latest offer, which was raised from $30, continues to materially undervalue the company, Perpetual said.
Shares in Computershare are surged more than 4% after the IT firm boosted its earnings per share growth guidance to around 90% for the 2023 financial year as rising interest rates boost its income earned to an estimated $US800 million.
COMMODITY NEWS Crude oil prices continued to retreat on Thursday, after tumbling about 3% in the previous session on fears of demand from China and rising US crude stocks. US crude oil futures eased 0.3% to $85.59 per barrel, while Brent crude futures fell by a similar margin to $92.37.
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