Market Commentary - Foreign Markets
Australia Stocks end the day lower As on : 22-May-24  15:47

Australia stock market finished session edged lower on Wednesday, 22 May 2024, as weakness in telecommunication services, consumer goods, and energy stocks overshadowed gains in utilities, tech, industrials, and mining stocks.

At closing bell, the benchmark S&P/ASX200 index was down 3.54 points, or 0.05%, to 7,848.14. The broader All Ordinaries index declined 1.88 points, or 0.02%, to 8,118.30.

Total 6 of 11 sectors ended higher despite the decline in the S&P/ASX 200 Index. Utilities was the best performing sector, gaining +0.90%. Telecommunication services was worst performing sector, falling 2.54%, followed by consumer discretionary (down 1.37%).

The top performing stocks in S&P/ASX200 index were WEBJET and TECHNOLOGY ONE, up 7.7% and 6.63% respectively. The bottom performing stocks in S&P/ASX200 index were EAGERS AUTOMOTIVE and INGHAMS GROUP, down 15.01% and 5.76% respectively.

Telecommunication services shares were major drag on the Market, with Telstra Group continued their slide, down 4.2%, after the company said 2800 job cuts announced this week will save the company $350 million.

Powered by Capital Market - Live News