Australia Market falls 0.5%

15 Feb 2022 , 04:23 PM

The Australian share market finished session lower on Tuesday, 15 February 2022, on tracking negative lead from Wall Street overnight as well as worries about accelerated U.S. monetary tightening and the threat of Russias possible invasion of Ukraine.

However, market losses capped after minutes of Reserve Bank of Australias February meeting showed that the board is prepared to be patient before lifting the cash rate.

At closing bell, the benchmark S&P/ASX200 declined 36.98 points, or 0.51%, to 7,206.93. The broader All Ordinaries index sank 44.81 points, or 0.59%, to 7,490.30.

The top performing stocks in S&P/ASX200 index were SIMS and BRAMBLES, up 13.67% and 6.16% respectively. The bottom performing stocks in this index were BEACH ENERGY and CHALICE MINING, down 10.46% and 9.58% respectively.

Energy stocks declined as oil prices fell on profit taking after recent gains. Origin Energy, Woodside Petroleum and Santos lost 2-4%.

Materials stocks declined as iron ore prices weakened after warnings from top consumer Chinas regulators against recent unusual price moves. Rio Tinto, South32 and Fortescue Metals Group tumbled 2-5%.

BHP shares declined 0.3% to A$48.18. The iron ore miner posted a 32% increase in total revenues, and a 144% jump in its profits after disciplined cost performance and near record-production from its Western Australian Iron Ore business. On the back of strong profitability, BHP raised its dividend by 48.5% to US$1.50 per share. BHP said it expects Chinas demand for iron ore to decrease over the medium term, and for labour shortages & supply chain bottlenecks to continue.

CURRENCY NEWS: The Australian dollar changed hands at $0.7113, struggling to recover after last weeks decline from above $0.72.

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