Australian shares fell on Monday in broad-based selling, as mining stocks tracked a decline in underlying commodity prices and banks also dragged, while investors exercised caution ahead of the upcoming central bank’s interest rate decision.
The S&P/ASX 200 index fell 1.2% to 7752.60 by 2356 GMT and was set to snap a three-day rally.
The benchmark had hit a record high of 7853.10 on Friday.
The Reserve Bank of Australia is set to have its next monetary policy meeting on March 19, with markets expecting the central bank to hold its cash rate at its current level of 4.35%.
Heavyweight miners led losses on the benchmark, dropping 1.8%, after iron ore and copper prices dipped on Friday. Behemoths BHP and Rio Tinto lost 2% and 1.8%, respectively.
Financials fell 1.1%, with the ‘big four’ banks losing between 1.1% and 1.5%. Healthcare stocks shed as much as 1.9%, on track for their biggest intraday loss since Feb 13.
Sector major CSL dropped 1.9%, while Ramsay Health Care lost 1%.
Energy companies slid 1.7% after oil prices closed over 1% lower on Friday. Woodside Energy was down 2%, while Santos declined 1.5%.
Australian shares gain on gold, financials boost; focus on CPI data
Technology firms slipped 0.8%, following a decline in their Wall Street peers, while gold stocks dropped as much as 1%.
Strike Energy, Bellevue Gold and the ASX-listed shares of Arcadium Lithium were the top losers on the benchmark, shedding 5.7%, 5.3% and 3.9%, respectively.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index fell 0.7% to 11,845.67.
Dairy giant A2 Milk was the biggest drag on the index, losing 3.2%, while Skellerup lost 2.5%.
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