Australian Shares Decline 0.9%, Snapping 4 Sessions of Gain

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Australian Shares Decline 0.9%, Snapping 4 Sessions of Gain
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 fell 63.4 points or 0.9% to 6,700.2 during Wednesday’s trade, declining for the first session in four as risk sentiment soured following weaker than expected U.S. consumer confidence data overnight, while local retail sales data surprised to the upside as consumers remained resilient amid surging inflation.

Among stocks, real estate companies led declines, falling 4% overall as Goodman Group (ASX: GMG ) lost 4.2%, Charter Hall Group (ASX: CHC ) dipped 3.9%, Mirvac Group (ASX: MGR ) fell 4.7% and Scentre Group Ltd (ASX: SCG ) lost 0.7%.

Information Technology dipped 2.8% with Block Inc (ASX: SQ2 ) down 6.2%, Appen Ltd (ASX: APX ) falling 2.3%, Megaport Ltd (ASX: MP1 ) down 4% and Novonix Ltd (ASX: NVX ) falling 1.3%.

Telecommunication Services were 2.2% lower as Rea Group Ltd (ASX: REA ) fell 3%, Domain Holdings Australia Ltd (ASX: DHG ) dipped 4.2%, Seek Ltd (ASX: SEK ) fell 2.7% and Telstra Corporation Ltd. (ASX: TLS ) retreated 1%.

Materials finished 1.5% lower, with Rio Tinto Ltd (ASX: RIO ) down 0.7%, BHP Billiton Ltd (ASX: BHP ) falling 0.5%, Fortescue Metals Group Ltd (ASX: FMG ) down 0.9% and Champion Iron Ltd (ASX: CIA ) down 0.9%.

Meantime, Liontown Resources Ltd (ASX: LTR ) lifted 5.2% after the company signed an offtake agreement with Ford (NYSE: F ).

On the bond markets, Australia 10-Year yields were at 3.697% United States 10-Year yields fell to 3.132%.

In New Zealand, the NZX 50 dipped 0.5% to 10,958.8.

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