Australian shares snapped a five-session rally on Thursday, pulled down by miners, banks and healthcare stocks, while top lender Commonwealth Bank of Australia (CBA) lost ground after reporting a lower quarterly profit.
The S&P/ASX 200 index fell 0.5% to 7,768.400 by 0029 GMT, with the resources-heavy bourse also tracking Wall Street’s overnight losses.
The Australian benchmark index had closed 0.1% higher on Wednesday.
Financials fell 1%, with Westpac down 4.5% on trading ex-dividend.
Commonwealth Bank of Australia slipped 0.8% after reporting a drop in its third-quarter profit. Mining stocks shed 0.4% after iron ore prices fell on Wednesday amid increasing inventories.
BHP Group fell 0.3%, while Rio Tinto lost 0.3%.
Healthcare stocks slumped 1.2%, with biotech giant CSL down 1.2%.
Real estate stocks lost 0.3%, while gold stocks fell 0.8% as traders looked for more clues on the US rate-cut timeline.
Meanwhile, energy stocks rose 0.5% as global oil prices steadied aided by a fall in US crude inventories.
Oil and gas giant Woodside Energy rose 0.7%.
Australian shares hit record high; RBA cautious on inflation
New Zealand’s benchmark S&P/NZX 50 index fell 0.2% to 11,751.02, with market participants keenly awaiting the Reserve Bank of New Zealand’s cash rate decision due on May 22.
In company news, Fonterra Co-operative Group, the world’s biggest dairy exporter, announced the appointment of its new finance chief.
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