Australian shares drifted lower on Wednesday, tracking the lacklustre end on Wall Street overnight, while a drop in energy and real estate stocks also weighed.
The S&P/ASX 200 index closed 0.1% lower to 7,963.70 points.
U.S. stock futures dropped after lacklustre earnings from Alphabet and Tesla dented global risk appetite. Wall Street ended lower on Tuesday on trepidation ahead of the results from the index heavyweights.
“The Australian market is following the U.S lead from overnight, with little movement on the day,” said Josh Gilbert, a market analyst from eToro AUS Capital.
Energy stocks fell 1.1%, with sector-major Woodside Energy down 1.1%, with Brent prices near six-week lows.
Interest rate-sensitive real estate stocks dropped 1.6%, falling for the fourth time in five sessions.
Australian shares rise as banks, tech gain; Woodside and Lynas fall
In corporate news, Telix Pharmaceuticals led losses on the benchmark index, ending 7.1% lower after it raised A$650 million ($428.03 million) through convertible bonds due 2029.
Gold stocks, however, were a significant outlier, advancing nearly 2.9% due to higher bullion prices.
Miners finished 0.5% higher, with sector giants Rio Tinto, BHP Group and Fortescue up between 0.2% and 0.5%.
New Zealand’s benchmark S&P/NZX 50 index rose 0.8% to finish the session at 12,530.99 points, hovering near its January 2022 highs.
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