Australian shares fell on Thursday, weighed down by losses in energy and banking stocks, as investors booked profits after a two-session winning streak.
The S&P/ASX 200 index was down 0.5% at 8,341.4 by 0047 GMT.
The benchmark had ended 0.5% higher on Wednesday.
“We are also sitting around 2% off record territory on the ASX so investors have likely pulled back to take profits today and assess the outlook on both a macro and valuations front,” said Grady Wulff, market analyst at Bell Direct.
Energy stocks shed 1.2% and were among the top laggards on the benchmark, tracking global oil prices, which declined after Oman’s foreign minister said that Iran and the US would resume nuclear talks later this week.
Shares of top Australian oil and gas firm Woodside Energy were down 1%, while Santos dropped 1.3%.
Banks fell 0.8%, dragged down by losses in Commonwealth Bank of Australia, Westpac and National Australia Bank, which fell 0.9%, 0.8%, and 0.7% respectively.
Investors are likely taking profits from the financials sector after a strong run for big banks, Wulff said.
Australian shares rise, boosted by financials after RBA rate cut
In contrast, gold stocks, jumped nearly 2%, buoyed by higher global prices on a softer US dollar and safe-haven demand. Shares of gold miners Bellevue Gold and Evolution Mining were each up 2.8% and 2.5%.
In corporate news, real asset manager Dexus dropped 2.6%.
The company said it filed a case against the board of Australia Pacific Airports Corporation contesting a notice it received that alleged breach of confidentiality agreements related to its 27% stake in the Melbourne Airport.
Meanwhile, Insurance Australia Group gained 1.9% after Australia’s competition regulator said it would not oppose its proposed acquisition of RACQ Insurance.
New Zealand’s benchmark S&P/NZX 50 index fell 0.5% to 12,638.55.
Comments
Comments are closed for this article.