Australia Market falls on profit booking

28 Nov 2022 , 03:43 PM

Australia stock market finished session lower on Monday, 28 November 2022, snapping four days of winning streak, as investors opted to book profit following stellar rally in previous four days, with shares in energy and materials leading selloff. At closing bell, the benchmark S&P/ASX200 index was down 30.34 points, or 0.42%, to 7,229.14. The broader All Ordinaries index sank 29.05 points, or 0.39%, to 7,418.60. The top performing stocks in S&P/ASX200 index were NEW HOPE CORP and WHITEHAVEN, up 5.4% and 4% respectively. The bottom performing stocks in S&P/ASX200 index were HEALIUS LIMITED and LIONTOWN RESOURCES LIMITED, down 10.09% and 7.50% respectively. Total 7 of 11 sectors were lower along with the S&P/ASX 200 Index. Energy sector was worst performer, erasing 1.7%, followed by materials (down 0.9%) and consumer discretionary (down 0.7%). Telecommunications Services was the best performing sector, gaining +0.62%. Shares of materials and energy sectors declined amid global oil prices dropping and investors remaining cautious amid protests and lockdowns in China. Rio Tinto fell more than 1%, BHP Group dropped almost 1% and Mineral Resources fell almost 2%. Beach energy dropped more than 2%, Woodside Energy shed more than 1% and Santos was down almost 2%. Lithium stocks tumbled, with Allkem slumping 9.2% and Pilbara Minerals falling 7.5% following concerns of demand in China. Coal miners were the indexs shining light on Monday, with Yancoal and Whitehaven two of the biggest lifters, jumping 5.4% and 5% respectively. Coal prices have continued to climb as the Northern Hemisphere enters its coldest months. CURRENCY NEWS: The Australian dollar Aussie dollar was trading at $0.669 on Monday.Powered by Capital Market – Live News