Australian stocks extended their losses on Wednesday, September 29, 2021, with the benchmarks S & P / ASX200 and All Ordinaries closing at their four-month low, as a wide range of issues sold off after sentiment was affected by overnight declines on Wall Street due to inflation issues and economic uncertainties. Meanwhile, concerns about the coronavirus situation in the country, particularly in New South Wales and Victoria, have also fueled the sale.

At the close, the benchmark S & P / ASX200 fell 78.84 points, or 1.08%, to 7,196.71. The larger All Ordinaries index fell 80.81 points, or 1.07%, to 7,500.25.

In total, 9 of the 11 sectors finished lower with the S & P / ASX 200 index. Information technology was the worst performing sector, losing 2.36%, while healthcare sectors (-1 , 9%), energy (-1.8%), real estate (-1.1%), finance (-1.05%), and materials (-1.03%) . were also notable losers. Utilities was the best performing sector, adding 0.23%.

The worst performing stocks on this index were PINNACLE INVESTMENT MANAGEMENT GROUP and CHALICE MINING, down 9.05% and 5.97% respectively. The best performing stocks in this index are ST BARBARA and REGIS RESOURCES, up 6.7% and 6.3% respectively.

Energy stocks plunged on lower crude oil prices, as US crude inventories rose unexpectedly after doubts about demand resurfaced.

Washington H Soul Pattinson and Company and Woodside Petroleum fell 3.8% and 2.2% respectively.

Tech stocks fell as their US peers fell as US Treasury yields rose. Appen fell 3.4%, while Afterpay fell more than 3%.

Materials and resources stocks fell as base metal prices slid on fears of lower demand after Australia’s main trading partner China fell in the throes of a crisis in electricity, which interrupted production in several factories. The Australian mining triumvirate, BHP Group, Rio Tinto and Fortescue Metals fell between 2.2% and 2.5%.

Energy stocks fell on lower oil prices. Santos and Oil Search fell 2% and 2.2% respectively.

CURRENCY NEWS: The US dollar index, which tracks the greenback against a basket of its peers, was at 93.804 after its recent rally below 93.6. The Australian dollar was at $ 0.725 after dropping more than $ 0.729 yesterday.

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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