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Australia stock market finished session lower on Tuesday, 26 September 2023, weighed down by interest rate sensitive sectors such as information technology and REITS along with materials, amid concerns ahead of the release of the monthly consumer price index data for August. Traders were cautiously awaiting for August inflation and retail sales data due on Wednesday, which will give insights on how the economy has adjusted to the rate hikes by the Reserve Bank of Australia. At closing bell, the benchmark S&P/ASX200 index was down 38.34 points, or 0.54%, to 7,038.19. The broader All Ordinaries index declined 40.22 points, or 0.55%, to 7,238.33. Total 9 of 11 sectors were lower along with the S&P/ASX 200 Index. Health Care was the best performing sector, gaining +1.08%. Information technology was the bottom performing sector, falling 0.73%, followed by materials (down 1.66%), A-REIT (down 1.31%), and energy (down 0.7%) sectors. The top performing stocks in S&P/ASX200 index were PRO MEDICUS and POLYNOVO, up 12.39% and 5.95% respectively. The bottom performing stocks in S&P/ASX200 index were GENESIS MINERALS and SAYONA MINING, down 7.19% and 5.38% respectively. Shares of materials and resources declined, weighed down by a decline in iron ore futures amid demand concerns. Heavyweight mining giants BHP Group, Rio Tinto and Fortescue dropped between 1.9% and 2.1%. Gold stocks were lower in line with weaker bullion prices. Gold miners Evolution (down 2.3%) and Newcrest (down 2.1%) closed lower. Technology stocks were also lower, with Xero and Megaport falling 2.6% and 0.5%, respectively. ECONOMIC NEWS: The ANZ-Roy Morgan Consumer Confidence was down 3.4 points to 76.4 this week, marking the 30th straight week below the 80-mark. The recent figure is below the year-ago figure of 87.8 and the 2023 weekly average of 78.1. Powered by Capital Market - Live News
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