The Australian share market ticked lower on Thursday, weighed down by losses in the technology and real estate sectors.
The benchmark S&P/ASX 200 Index slipped 8.4 points or 0.1% to finish at 8,550.8, with seven of the 11 industry sectors closing in the red.
Xero led the declines in the tech sector, falling 5.3% after announcing an A$3.9 billion acquisition of U.S.-based accounting and invoicing firm Melio Payments. The market response reflected concerns over the size and timing of the deal.
Other notable tech names also traded lower. WiseTech Global and TechnologyOne recorded losses of 0.6% and 1%, respectively.
Real estate stocks also weighed on the index, with Goodman Group down 1.3%, Charter Hall easing 0.1%, and Scentre Group closing 0.6% lower.
Financials managed a modest gain overall. Commonwealth Bank fell 0.4% after hitting a record intraday high of $192 on Wednesday.
Among the other big banks, National Australia Bank slipped 0.4%, Westpac added 0.1%, while ANZ gained 2.2% following news of executive turnover. Technology chief Gerard Florian announced his departure, just a week after retail head Maile Carnegie also resigned.
Rail freight operator Aurizon dipped 0.3% after flagging a downgrade in expected earnings. The company forecast FY25 underlying EBITDA of A$1.58 billion, falling short of expectations and down from $1.6 billion in FY24.
Neuren Pharmaceuticals jumped 6.1% after announcing that the U.S. Patent and Trademark Office had approved a patent covering the use of NNZ-2591 to treat Pitt Hopkins syndrome (PTHS), marking a milestone for the mid-cap biotech.
DroneShield extended its rally, gaining 11.7% after soaring 19.9% in the previous session. The surge followed news of a $61.6 million European military contract for its handheld drone detection and countermeasure systems.
On the bond markets, the Australian 10-year yield fell 0.6% to 4.122%, while the 2-year dropped 0.4% to 3.195%.
