At closing bell, the benchmark S&P/ASX200 index fell 6.05 points, or 0.08%, to 7,659.05. The broader All Ordinaries index dropped 1.83 points, or 0.02%, to 7,911.47.
Total 6 of 11 sectors ended higher despite the decline in the S&P/ASX 200 Index. Telecommunications Services was the best performing sector, gaining +1.47%, followed by A-REIT (up 0.9%). Materials was the worst performing sector, falling 1.1%, followed by energy (down 0.92%).
The top performing stocks in S&P/ASX200 index were ARB CORP and HMC CAPITAL, up 10.2% and 9.58% respectively. The bottom performing stocks in S&P/ASX200 index were STRIKE ENERGY and THE STAR ENTERTAINMENT GROUP, down 25.86% and 19.64% respectively.
Shares of energy and material companies fell after iron ore slid more than 3%, Brent crude slipped 0.1%. ASX giant BHP tumbled 1.1% after its underlying profit slumped to $US6.6 billion ($10.1 billion), which forced the company to cut its interim dividend from US90 to US72.
Suncorp Group climbed 6% after the Australian Competition Tribunal green-lighted ANZs $4.9 billion bid for Suncorps banking arm. ANZ, however, fell 2.2%.
On the economic news front, the Reserve Bank of Australia (RBA) published the Minutes of its February 56 monetary policy meeting on Tuesday, highlighting that the Board members considered raising the cash rate by 0.25 points earlier this month because inflation would take some time to return to target within a reasonable timeframe. However, it decided to keep it on hold at 4.35%.
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