The Australian sharemarket extended losses for the fourth consecutive session on Thursday, as a stronger-than-expected labour market report reduced expectations for a May interest rate cut.
The S&P/ASX200 fell 96.4 points, or 1.2% to 8,322.8, with seven of 11 sectors closing in the red.
The real estate sector was hit hard, with Goodman Group tumbling 5% as investors took profits after a 2.4% gain on Tuesday. The decline followed the company’s announcement of a $4 billion capital raise - its first in 12 years - aimed at expanding its data centre portfolio.
Financial stocks also struggled, with ANZ falling 3.1%, while Westpac and NAB dropped 3% and 4.3%, respectively and Commonwealth Bank declined 2%.
Miners faced significant selling pressure, with Fortescue slumping 6.2% after reporting a more than 50% decline in profit, while Rio Tinto fell 1.5% after reporting an 8% year-on-year decline in profit to US$10.86 billion.
Retail giant Wesfarmers climbed 1.3% after reporting stronger sales and earnings in the first half, driven by solid performances from Bunnings and Kmart.
Telstra soared 5.6% following a 6.5% rise in interim net profit to A$1.03 billion, underpinned by strong mobile and infrastructure earnings.
Super Retail Group suffered the biggest loss of the session, plunging 12.5% amid concerns over a whistleblower report and weaker earnings.
Property fund manager Charter Hall climbed 6% after swinging to a $61.1 million statutory profit, supported by reduced portfolio devaluations.
On the data front, the Australian Bureau of Statistics (ABS) reported that employment rose by 44,000 in January - exceeding forecasts - while unemployment ticked higher. The robust labour data led investors to rethink the likelihood of an interest rate reduction by the Reserve Bank of Australia.
Bond yields were higher across the curve, with Australian 10-year and 2-year government bond rates up 0.4% and 0.6% at 4.532% and 3.936%, respectively.
