Australia: Shares slip to near two-week low as financials drag

AUSTRALIAN shares fell on Tuesday to their lowest levels in near two weeks, dented by heavyweight financials, although a jump in commodity stocks on the back of improving underlying prices helped the resource-heavy bourse recoup some early losses.

The S&P/ASX 200 index was down 0.5 per cent at 7009.8, as of 0059 GMT, also hitting its lowest level since Aug 11.

The index ended 1 per cent lower on Monday. Uncertainty over the pace of US interest rate hikes prevailed among investors, as markets globally braced for remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium due on Friday.

Australian banks, one of the top-weighted sectors in the benchmark, logged its worst intraday since July 15 after retreating 1.3 per cent.

The sub-index is down for a fourth straight session. All top four banks registered losses between 0.4 per cent and 1.5 per cent.

Reflecting improved oil prices, energy stocks jumped 1 per cent with sector majors Woodside Energy and Santos adding 1.9 per cent and 1.3 per cent, respectively.

With the corporate reporting season at full play, investors digested a slew of earnings reports, which are swaying the broader market in both directions.

Shares in Altium advanced 20.8 per cent to gain the most since June 2021, as the software maker’s bump in full-year profit beat market consensus.

Medical glove maker Ansell jumped 8.4 per cent 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.

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Australia: Shares post worst day in 6 weeks in sector-wide sell-off

Online retailer Kogan.com shed 4 per cent after it swung to a loss in fiscal 2022.

Shares in retail drinks and hotel business Endeavour Group dived 8.8 per cent despite the company posting a higher annual profit.

Domestic miners added 0.8 per cent on improvement in iron ore prices, with mining giants Fortescue Metals and BHP gaining 0.3 per cent and 1.5 per cent, respectively.

Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 slipped 0.9 per cent to 11653.3. REUTERS