The Australian sharemarket declined on Wednesday, with miners, retailers and financial stocks weaker after Wall Street edged back from record highs ahead of the Federal Reserve interest-rate decision.
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The S&P/ASX 200 was down 59.2 points, or 0.7 per cent, at 8818.50, with eight of the 11 industry sectors in the red. The losses came after the ASX added 0.3 per cent on Tuesday. The Australian dollar dropped 0.2 per cent to US66.73¢.
Mining stocks – the winners of the previous session – were softer, with the iron ore heavyweights BHP, Fortescue and Rio Tinto down 1.1 per cent, 1.3 per cent and 1 per cent, respectively. Gold miners also wobbled even as bullion rose above $US3700 ($5543) an ounce for the first time overnight, supported by a falling US dollar as investors bet on a Fed rate cut.
Meanwhile, energy stocks powered ahead. Oil and gas giant Woodside rose 1.3 per cent and Ampol, the nation’s biggest refiner, added 0.6 per cent after oil prices steadied, following a three-day gain as traders assess the fallout from Ukrainian attacks on Russian crude infrastructure.
Coal miners rose for a second day, with Yancoal rising 2.4 per cent and Whitehaven Coal jumping 5.2 per cent. New Hope Corp more than wiped out Tuesday’s 5.1 per cent gain following its results, slumping 8.3 per cent. China said this week it churned out less coal in August as the government tightened controls on production.
Read the full market wrap here.
