Australia Market tumbles 1.2%

23 Aug 2022 , 04:53 PM

Australia share market finished session significantly lower on Tuesday, 23 August 2022, as risk sentiments hurt by tracking sharp declines on Wall Street overnight with investors concerned that upcoming economic symposium hosted by the U.S. Federal Reserve will underscore the central banks ongoing commitment to its aggressive monetary policy to tackle inflation. Meanwhile, selloff pressure intensified after latest survey showed the manufacturing sector in the country expanded at a slower rate in August. At closing bell, the benchmark S&P/ASX200 index tumbled 85.07 points, or 1.21%, to 6,961.81. The broader All Ordinaries index shed 87.95 points, or 1.21%, to 7,199.21. Financials were lower, with all top four banks registering losses between 0.4% and 1.5%. Reflecting improved oil prices, energy stocks jumped with sector majors Woodside Energy and Santos adding 1.9% and 1.3%, respectively. Domestic miners closed up on improvement in iron ore prices, with mining giants Fortescue Metals and BHP gaining 0.3% and 1.5%, respectively. Altium shares jumped nearly 20% after the PCB design software firm reported upbeat full-year results and raised revenue outlook. Medical glove maker Ansell jumped 8.4% to gain most since March 2020, after the company forecast financial 2023 earnings per share within the range of US$1.15 to US$1.35. ECONOMIC NEWS: The manufacturing sector in Australia continued to expand in August, albeit at a slower rate, the latest survey from S&P Global showed on Tuesday with a manufacturing PMI score of 54.5. Thats down from 55.7 in July, although it remains above the boom-or-bust line of 50. The survey also showed that the services PMI fell into contraction, slipping to a score of 49.6 in August from 50.9 in July. The composite index also slumped to 49.8 from 51.1 a month earlier.Powered by Capital Market – Live News