The drop came as investors braced for US inflation data that could influence the Federal Reserve to ease monetary policy. With the outcome of the Fed's two-day policy meeting expected later today At closing bell, the benchmark S&P/ASX200 index dropped 39.86 points, or 0.51%, to 7,715.51. The broader All Ordinaries index was down 42.81 points, or 0.53%, to 7,963.08. Total 10 of 11 sectors were lower along with the S&P/ASX 200 Index. Utilities sector was bottom performer, down 1.08%, followed by information technology (down 0.97%), industrials (down 0.87%), consumer discretionary (down 0.87%), and healthcare (down 0.845%) sectors. Energy was the best performing sector, gaining 1.01%.
The best-performing stocks in S&P/ASX200 index were HEALIUS and EMERALD RESOURCES, up 8.6% and 6.09% respectively. The bottom performing stocks in S&P/ASX200 index were NICKEL INDUSTRIES LIMITED and DEEP YELLOW LIMITED, down 7.61% and 5.57% respectively.
Mining stocks took a hit, weighed down by falling iron ore prices amid concerns over demand for the commodity in China, with iron ore heavyweights Fortescue (down 1.3%), Rio Tinto (down 1.5%) and BHP (down 0.5%) leading losses.
Financial stocks and the Big Four banks were also in the red, contributing to the downward trend.
Energy stocks advanced, with Woodside rising 2.6% and Santos eking out gains of 0.3%.
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