At closing bell, the benchmark S&P/ASX200 index dropped 43.35 points, or 0.56%, to 7,670.28. The broader All Ordinaries index sank by 50.19 points, or 0.63%, to 7,923.76.
Total 8 of 11 sectors were lower along with the S&P/ASX 200 Index. Materials was the worst performing sector, falling 1.91%, followed by consumer discretionary (down 1.03%), information technology (down 0.86%), and industrials (down 0.81%). Energy was the best performing sector, gaining 2.01%.
The top performing stocks in S&P/ASX200 index were STRIKE ENERGY and TELIX PHARMACEUTICAL, up 6.12% and 4.68% respectively. The bottom performing stocks in S&P/ASX200 index were EMERALD RESOURCES NL and LIONTOWN RESOURCES, down 10.06% and 8.42% respectively.
Shares of materials and resources declined amid sluggish underlying commodity prices. Iron ore prices kept declining on weaker demand from China, compounded by the Chinese central bank's decision to maintain its one-year medium-term lending facility loans rate at 2.5%. Northern Star was down 2.6%, while lithium players Pilbara Minerals (down 5.9%) and IGO (down 4.5%) were among the biggest large-cap decliners. Iron ore heavyweights BHP (down 1.6%), Fortescue (down 2.3%) and Rio Tinto (down 1.9%) were also substantially weaker.
Shares of energy sector advanced after Brent Crude oil prices climbed 1.7%, with Santos (up 2.2%) and Woodside (up 2.2%) being major beneficiaries.
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