Australia Market closes lower

21 Mar 2022 , 05:24 PM

The Australian share market finished session lower on Monday, 21 March 2022, as investors reacted to the ban announced Sunday by the Australian government on exports of alumina and aluminium ores to Russia.

Meanwhile, sentiments were also deteriorated as Chinas central bank dashed hopes for an interest rate cut and the war in Ukraine raged on after rejecting Russias demand to surrender the besieged city of Mariupol.

At closing bell, the benchmark S&P/ASX200 declined by 15.80 points, or 0.22%, to 7,278.55. The broader All Ordinaries index sank 12.22 points, or 0.16%, to 7,558.94.

The top performing stocks in this index were LIFE360 INC and EML PAYMENTS, up 6.4% and 6.1% respectively. The bottom performing stocks in this index were CLINUVEL PHARMACEUTICALS and MAGELLAN FINANCIAL GROUP, down 4.93% and 4.32% respectively.

Technology stocks outperformed, mirroring the robust performance of Wall Street peers on Friday, with Block Inc shares climbing over 9%.

Miners and Energy stocks rose on stronger iron ore and oil prices, as European Union nations considered joining the United States in banning Russian oil.

Asset manager Magellan Financial lost 4.3% after co-founder Hamish Douglass resigned from the companys board.

CURRENCY NEWS: The Australian dollar changed hands at $0.7395, as compared with levels below $0.721 seen last week.

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