Australia Market falls 0.28%

24 May 2022 , 04:35 PM

Australian share market finished session lowers on Tuesday, 24 May 2022, as sentiment was hurt by concerns about the spread of Covid-19 in China and its impact on the economy. The market succumbed to pressure from profit taking, amid concerns over the spread of Covid-19 in China, with fears that Beijing may resort to robust containment steps. On the other hand, there was also news that China plans additional support for the economy At closing bell, the benchmark S&P/ASX200 fell 20.06 points, or 0.28%, to 7,128.83. The broader All Ordinaries index fell 25.70 points, or 0.35%, to 7,373.18. Technology stocks declined, with Block and investment services provider Computershare slid 5.3% and 1.1%, respectively. Shares of major miners benefited from the rise in iron ore prices. Sector heavyweights Rio Tinto, BHP Group and Fortescue Metals Group gained 0.6% to 1.6%. Energy stocks advanced following a rise in Brent crude futures. Australias gas producers Woodside Energy and Santos were up 0.9% and 0.2%, respectively. Shares of financials were higher, with countrys four largest lenders gaining between 0.4% and 1%. CURRENCY NEWS: The Australian dollar was at $0.7095, lifting from around $0.706 earlier. Powered by Capital Market – Live News