Australian Economy

Australia Market falls 0.8% | Business Standard News

Australian share market finished session lower on Thursday, 02 June 2022, as investor sentiment was dented by an overnight fall on Wall Street on rekindled concern over the U. S. Federal Reserve’s aggressive monetary tightening plans in response to help tame an overheated economy.

Also, weighing the market sentiment was hawkish rhetoric from the Bank of Canada and JP Morgan’s warning on the economy.

JPMorgan’s Jamie Dimon warned investors on Wednesday of a coming economic hurricane that requires preparation.

At closing bell, the benchmark S&P/ASX200 declined 58.04 points, or 0.8%, to 7,175.94. The broader All Ordinaries index decreased by 62.09 points, or 0.83%, to 7,400.76.

Total nine of 11 sectors ended lower along with the S&P/ASX 200 Index, with information technology, healthcare, telecommunication services, and financials issues suffered the largest percentage losses. Energy was the best performing sector, gaining +3.06%.

The top performing stocks in S&P/ASX200 index were WOODSIDE ENERGY and TABCORP HOLDING, up 5.2% and 5% respectively. The bottom performing stocks in this index were MEGAPORT and POLYNOVO, down 6.04% and 5.86% respectively.

Tech stocks led losses, with Block and Xero losing 5% and 3%, respectively.

Energy stocks advanced, with Woodside Energy surging 5.2% after JP Morgan on Wednesday handled a $1.1 billion block trade in the company’s shares.

CURRENCY NEWS: The Australian dollar was at $0.7181, against an earlier high of $0.7203.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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