Australian Shares Reverse Gains to Close 0.2% Lower

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Australian Shares Reverse Gains to Close 0.2% Lower

By Oliver Gray - The S&P/ASX 200 fell 9.9 points or 0.2% to 6,591.1 during Thursday’s deals, reversing earlier gains to extend declines for the 5th consecutive session and closing at fresh 16-month lows as a modest relief rally faded after the US Federal Reserve overnight announced its biggest interest rate hike since 1994.

Among stocks, Utilities fell 1.6% as Origin Energy Ltd (ASX: ORG ) dipped 0.7%, APA Group (ASX: APA ) lost 1.3%, Genesis Energy Ltd (ASX: GNE ) fell 3.1% and AGL Energy Ltd (ASX: AGL ) lost 3.7%.

Industrials were 1.2% lower with Auckland International Airport Ltd (ASX: AIA ) down 2.6%, Brambles Ltd (ASX: BXB ) falling 1.4% and Transurban Group (ASX: TCL ) down 1.6%.

Health Care retreated 0.9% as CSL Ltd (ASX: CSL ) lost 0.9%, Ramsay Health Care Ltd (ASX: RHC ) fell 1.4%, Resmed Inc (ASX: RMD ) lost 0.6% and Cochlear Ltd (ASX: COH ) dipped 2.9%.

Real estate companies were up 1.5%, with Mirvac Group (ASX: MGR ) adding 1.5%, Charter Hall Group (ASX: CHC ) up 2.4%, Goodman Group (ASX: GMG ) adding 2.4% and Scentre Group Ltd (ASX: SCG ) up 0.8%.

Bubs Australia Ltd (ASX: BUB ) added 7.1% after announcing that a second planeload of its infant formula would be airlifted on Thursday for distribution in the USA, amid growing shortages.

On the bond markets, Australia 10-Year yields were lower at 3.997% while United States 10-Year rates were at 3.32%.

In New Zealand, the NZX 50 was 0.1% higher at 10,646.6.

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