Australia Market snaps 2-day winning streak

3 Feb 2022 , 04:52 PM

The Australian share market finished session lower on Thursday, 03 February 2022, weighed down by selling to lock in profits after the markets two-day rally through the previous day.

At closing bell, the benchmark S&P/ASX200 fell 9.67 points, or 0.14%, to 7,078.01. The broader All Ordinaries index shed 24.99 points, or 0.34%, to 7,374.61.

Among individual stocks, Westpac (WBC) gained 2.3% after it posted a statutory net profit of $1.82bn.However, competition and higher liquid assets did result in the companys net-interest-margin (NIM) fall by 8 basis points to 1.91%.

Furniture retailer Nick Scali (NCK) jumped 1% on its trading update. NCK posted a 5.4% increase in its revenue.

Shares in Nufarm (NUF) surged 20.2% after it outlined a 36% quarterly increase in its revenue, citing favourable weather conditions as a potential reason.

CURRENCY NEWS: The U.S. dollar last traded at 96.122 against a basket of its peers. The Australian dollar slipped 0.17% to $0.7124.

COMMODITY NEWS: Crude oil prices slipped during Asian trade on Thursday, as OPEC and its non-OPEC allies agreed to green-light an increase in crude output to 400,000 barrels a day for March as oil prices trade near record levels in part due to geopolitical tensions. U.S. crude futures fell 0.5% to $87.83 per barrel. Brent crude futures declined 0.4% to $89.14 per barrel.

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