At closing bell, the benchmark S&P/ASX200 index was down 22.10 points, or 0.29%, to 7,468.30. The broader All Ordinaries index dropped 22.46 points, or 0.29%, to 7,688.01.
Total 7 of 11 sectors ended lower along with the S&P/ASX 200 Index. Energy was worst performing sector, erasing 1.2%, followed by information technology (down 1.2%), materials (down 0.74%), and telecommunication services (down 0.7%). Utilities was the best performing sector, gaining 0.49%.
The top performing stocks in S&P/ASX200 index were NEWS CORP and MONADELPHOUs GROUP, up 6.25% and 5.38% respectively. The bottom performing stocks in S&P/ASX200 index were WEST AFRICAN RESOURCES and EVOLUTION MINING, down 7.48% and 5.87% respectively.
Materials and resources were lower. BHP fell 0.95% while Rio Tinto dropped 0.74%, while Fortescue edged 0.13% lower.
Shares oil and gas giant Woodside slid 1.17%. The energy giant's revenues fell 12% on the back of a fall in oil prices but announced it had surpassed its production guidance for 2022 after increasing output to record levels. ECONOMIC NEWS: Australia Annual Consumer Price Inflation Rises 7.8% In Q4- Consumer prices in Australia were up 7.8% on year in the fourth quarter of 2022, the Australian Bureau of Statistics said on Wednesday, accelerating from 7.3% in the three months prior. On a seasonally adjusted quarterly basis, inflation climbed 1.9%, up from 1.8% in Q3.
The Reserve Bank of Australia's trimmed mean was up 1.7% on quarter and 6.9% on year after rising 1.8% on quarter and 6.1% on year in the previous three months. The RBA's weighted median advanced 1.6% on quarter and 5.8% on year, up from 1.4% on quarter and 5% on year in the third quarter.
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