Australian Shares Trade 0.8% Lower, Graincorp Triples Dividend

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Australian Shares Trade 0.8% Lower, Graincorp Triples Dividend

By Oliver Gray - The S&P/ASX 200 dipped 54.2 points or 0.8% to 6995.6 by 10:50am AEST on Wednesday, declining for the 4th consecutive session and trading at 2-month lows, weighed down by losses by the technology and materials sectors.

ASX 200 Futures were trading 0.6% lower.

Among stocks, Materials were 1.5% lower overall, as BHP Billiton Ltd (ASX: BHP ) lost 1.2%, Fortescue Metals Group Ltd (ASX: FMG ) dropped 1.1% and Champion Iron Ltd (ASX: CIA ) fell 4.4% while Rio Tinto Ltd (ASX: RIO ) dipped 0.5%.

Information Technology was down 2% collectively, with Block Inc (ASX: SQ2 ) down 1.3%, Appen Ltd (ASX: APX ) falling 3.1%, Megaport Ltd (ASX: MP1 ) dipping 2.7%, Link Administration Holdings Ltd (ASX: LNK ) down 13.3% and Novonix Ltd (ASX: NVX ) losing 4.2%.

Financials moved 0.9% lower, with Macquarie Group Ltd (ASX: MQG ) up 1%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) down 0.2%, National Australia Bank Ltd (ASX: NAB ) falling 2.8%, Westpac Banking Corp (ASX: WBC ) dipping 0.2% and Commonwealth Bank Of Australia (ASX: CBA ) up 0.5%.

Magellan Financial Group Ltd (ASX: MFG ) added 3.3% after appointing David George as its new chief executive, taking over the chief executive role from Brett Cairns who abruptly resigned in December.

Graincorp Ltd (ASX: GNC ) was down 3.1% despite the company reporting record earnings, with net profits after tax of $A246 million for its 2022 half-year period, 452% higher than its half-year profits in 2021 of $51 million, while tripling its interim dividend to 24 cents per share fully franked.

CSR Ltd (ASX: CSR ) also jumped 1.9% after reporting a 20% increase in its full-year profit.

On the bond markets, Australia 10-Year rates were at 3.49%, while United States 10-Year yields eased to 2.977%.

In New Zealand, the NZX 50 added 0.2% to 11,257.

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