Banks, healthcare lead market fall
Westpac led the fall, dropping 1.2 per cent to $34.16 after reporting an 8 per cent rise in annual profit to a record $7.1 billion. ANZ fell 0.6 per cent to $33.51, while National Australia Bank lost 0.6 per cent to $35.43. Commonwealth Bank bucked the trend, rising 0.4 per cent to $76.10.
An Australian Bureau of Statistics report showed house prices jumped 1.9 per cent in the September quarter, adding to a 2.7 per cent gain the previous quarter. From a year earlier, prices are up by 7.6 per cent.
Exchange rate-sensitive healthcare stocks were the worst-performing sector as plasma maker CSL dropped 0.9 per cent to $68.14.
At the local close, the dollar was buying US94.82¢, up from US94.79¢ on Friday.
According to ABS data, September retail sales continued a positive trend, picking up a solid 0.8 per cent, much stronger than consensus market expectations for a 0.4 per cent rise.
Clothing, household and entertainment retailers were among the best-performing stocks, led by David Jones, up 4.5 per cent at $3.03. Myer added 2.4 per cent at $2.56, and JB Hi-Fi gained 1.7 per cent to $21.58.
Harvey Norman jumped 1.2 per cent to $3.27 after reporting a 2.7 per cent increase in September-quarter sales to $1.37 billion. But food and beverage retailers were some of the worst-performing stocks. Woolworths lost 1 per cent at $34.54, while Wesfarmers, owner of Coles, shed 0.3 per cent at $42.84.
Frequently Asked Questions about this Article…
The S&P/ASX 200 Index fell by 20.6 points, or 0.4 percent, due to declines in the banking and healthcare sectors, with Westpac leading the fall.
The Australian share market closed lower before the Reserve Bank's policy meeting due to declines in key sectors like banks and healthcare, despite expectations that interest rates would remain on hold.
Westpac's shares dropped 1.2 percent to $34.16 despite reporting an 8 percent rise in annual profit to a record $7.1 billion, contributing to the overall market decline.
In the market downturn, Westpac led the fall with a 1.2% drop, ANZ and National Australia Bank both fell by 0.6%, while Commonwealth Bank bucked the trend with a 0.4% rise.
Healthcare stocks, particularly exchange rate-sensitive ones like CSL, were the worst-performing sector, with CSL dropping 0.9 percent to $68.14.
The Australian Bureau of Statistics report showed a significant increase in house prices, with a 1.9% rise in the September quarter, contributing to a 7.6% increase from the previous year.
At the local close, the Australian dollar was buying US94.82¢, slightly up from US94.79¢ on Friday.
The healthcare sector was the worst-performing due to its sensitivity to exchange rates, with notable declines such as CSL dropping 0.9%.
The Australian Bureau of Statistics reported that house prices jumped 1.9 percent in the September quarter, adding to a 2.7 percent gain from the previous quarter, with a year-on-year increase of 7.6 percent.
At the local close, the Australian dollar was slightly up, buying US94.82¢ compared to US94.79¢ on the previous Friday.
September retail sales continued a positive trend, picking up a solid 0.8 percent, which was much stronger than the consensus market expectations for a 0.4 percent rise.
The ABS data revealed that September retail sales continued a positive trend, increasing by 0.8%, which was stronger than the expected 0.4% rise.
Clothing, household, and entertainment retailers performed well, with David Jones up 4.5 percent, Myer adding 2.4 percent, and JB Hi-Fi gaining 1.7 percent.
Clothing, household, and entertainment retailers performed well, with David Jones up 4.5%, Myer up 2.4%, and JB Hi-Fi gaining 1.7%, driven by strong retail sales data.
Harvey Norman's stock jumped 1.2 percent to $3.27 after reporting a 2.7 percent increase in September-quarter sales to $1.37 billion.
Food and beverage retailers were among the worst-performing stocks, with Woolworths losing 1% and Wesfarmers, owner of Coles, shedding 0.3%.
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