Miners, financials drag Australia shares lower

14 Jun, 2024

Australian shares marginally fell on Friday, with financials and mining stocks leading losses, while investors exercised caution ahead of the central bank’s monetary policy meeting next week.

The S&P/ASX 200 index fell 0.2% to 7,735.30 by 0032 GMT.

The benchmark was down 1.6% for the week. The Reserve Bank of Australia is scheduled to announce its cash rate on June 18.

According to a Reuters poll, the central bank is expected to keep rates steady at 4.35%.

A sombre mood prevailed across indexes in the local bourse.

Rate sensitive financial stocks fell as much as 0.4%, with the “Big Four” banks losing between 0.03% and 0.6%.

The sub-index is on track for its worst week since mid-April.

Despite upbeat iron ore prices, mining stocks fell as much as 0.4% to their lowest level since March 27, on track for its fourth consecutive session of losses.

The sub-index is headed for its worst week since Aug. 18, 2023.

Tracking overnight losses from falling bullion prices, gold stocks declined as much as 1.9% to their lowest level since April 2.

Gold miners Evolution Mining and Northern Star Resources fell as much as 2.7% and 1.7%, respectively.

Australian shares hit record high; RBA cautious on inflation

Meanwhile, energy stocks gained as much as 0.4% underpinned by strong oil prices.

Energy majors Woodside Energy and Santos rose as much as 0.2% and 0.7%, respectively.

Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index fell 0.1% to 11,861.01 points.

The country awaits its first-quarter gross domestic data due on June 20.

Read Comments