Australian Shares Close Lower for Second Session

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Australian Shares Close Lower for Second Session
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 fell 10.30 points or 0.14% to 7,423.90, retreating from early gains to extend losses for the second consecutive session as Wall Street indices eased from record highs overnight amid increasing inflationary fears, while the heavyweight mining sector also dipped as iron ore prices fell to 12-month lows.

Among stocks, Commonwealth Bank Of Australia (ASX: CBA ) added 0.8%, National Australia Bank Ltd (ASX: NAB ) added 4.15%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) added 0.57% and Westpac Banking Corp (ASX: WBC ) lifted 0.98%. Precious metal miners also closed higher, as Gold traded near 2-month highs after U.S. inflation worries lifted its safe-haven appeal. Silver Lake Resources Ltd (ASX: SLR ) adding 2.01%, Evolution Mining Ltd (ASX: EVN ) up 0.51%, Northern Star Resources Ltd (ASX: NST ) up 0.1%, while Gold explorer Resolute Mining Ltd climbed 2.33% and Alkane Resources Ltd advanced 0.54%.

On the bond markets, Australia 10-Year yields were at 1.743% while United States 10-Year rates were at 1.461%.

In New Zealand, the NZX 50 was up 0.38% to 13091.

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