At closing bell, the benchmark S&P/ASX200 index was down 23.97 points, or 0.31%, to 7,737.06. The broader All Ordinaries index declined 29.92 points, or 0.37%, to 7,994.15.
Total 9 of 11 sectors were lower along with the S&P/ASX 200 Index. Financial was the best performing sector, gaining +0.23%, while energy was the worst performing sector, falling 1.62%.
The top performing stocks in S&P/ASX200 index were GRAINCORP and THE STAR ENTERTAINMENT, up 4.85% and 4.3% respectively. The bottom performing stocks in S&P/ASX200 index were CREDIT CORP GROUP and NEUREN PHARMACEUTICALS, down 7.85% and 6.17% respectively.
Shares of materials and energy sectors declined, with mining heavyweight BHP falling 1.2%, Rio Tinto down 0.8% and Fortescue erasing 1.9%. Woodside and Santos shares were down 1.8% and 2.1%, respectively.
ECONOMIC NEWS: Australia Company Gross Operating Profits Sink 2.5% In Q1- Company gross operating profits in Australia were down a seasonally adjusted 2.5% on quarter in the first quarter of 2024, the Australian Bureau of Statistics said on Tuesday. On a yearly basis, profits slumped 8.6%. Manufacturing sales were down 1.0% on quarter and 2.5% on year, while wholesale trade slipped 0.9% on quarter and 6.1% on year. Inventories were up 1.3% on quarter and down 0.6% on year, while wages and salaries added 0.6% on quarter and 6.6% on year.
Australia Posts AUD 4.9 Billion Q1 Deficit- Australia posted a current account deficit of AUD 4.9 billion in Q1 2024, a shift from a revised surplus of AUD 2.7 billion in Q4 2023. The trade surplus dropped to AUD 17.7 billion from AUD 23.9 billion, driven by increased imports and falling export prices, particularly metal ores. The net primary income deficit widened to AUD 22.3 billion from AUD 20.8 billion, due to higher foreign investment profits. The net secondary income deficit narrowed slightly to AUD 0.36 billion from AUD 0.39 billion.
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