Australia Market falls ahead of U.S. Fed meeting outcome

September 20,2023

Australia stock market finished lower for third straight session on Wednesday, 20 September 2023, as most sectors traded in the red on tracking soft lead from Wall Street overnight and on caution ahead of the results of the two-day U.S. Federal Reserve policy meeting later in the day.

At closing bell, the benchmark S&P/ASX200 index was down 33.30 points, or 0.46%, to 7,163.33. The broader All Ordinaries index dropped 33.03 points, or 0.45%, to 7,361.95.

Total 7 of 11 sectors were lower along with the S&P/ASX 200 Index. Consumer Discretionary was the best performing sector, gaining +0.39%. Energy was the bottom performing sector, falling 1.81%, followed by information technology (down 1.27%) and materials (down 1.17%) sectors.

Shares of materials declined as iron ore prices slipped 1%. Heavyweights BHP (down 1%), Fortescue (down 1.7%) and Rio Tinto (down 1.3%) all closed weaker. Lithium companies IGO (down 3.2%) and Pilbara Minerals (down 2.8%) also dropped.

Energy stocks also lower, with Woodside (down 2.1%) and Santos (down 1.9%) both closing lower.

Shares of consumer discretionary sector advanced, with poker machine maker Aristocrat Leisure (up 2.9%) leading the gains. Wesfarmers (up 0.3%) and JB Hi-Fi (up 0.2%) posted strong sessions, while Treasury Wine Estates (up 0.8%) and Woolworths (up 0.6%) also closed in the green.

Shares of industrials were also higher. Cleanaway Waste (up 3.3%), Qube (up 1.1%) and Computershare (up 1.8%) all traded higher.

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