The Australian sharemarket fell for a third consecutive session on Wednesday, tracking sharp losses on Wall Street overnight as President Donald Trump’s renewed push to take control of Greenland continued to ripple through global financial markets.
The S&P/ASX 200 Index finished 33.0 points or 0.4% lower at 8,782.9, with eight of the 11 sectors trading in the red.
Technology stocks led declines, sliding more than 2% overall, as WiseTech Global fell 2.4%, Technology One lost 3%, Xero shed 5.2%, and NextDC traded 1.8% lower.
Consumer discretionary stocks were also under pressure, with JB Hi-Fi down 3.5%, Wesfarmers falling 2.7%, Premier Investments retreating 3.3%, and Tabcorp declining 2.1%
Financial heavyweights also extended recent losses, with Commonwealth Bank losing 2.2%, National Australia Bank down 1.6%, ANZ Group falling 2.1%, and Westpac trading 1.2% lower.
Materials stocks bucked the broader weakness, however, with BHP climbing 1.5%, while Rio Tinto rose 2.6% after reporting record iron ore production from its Pilbara operations, with output up 4% in the December quarter. Fortescue also traded 1.7% higher.
Gold stocks were among the strongest performers after bullion prices surged to fresh record highs near US$4,850 an ounce.
Newmont jumped 5%, Evolution Mining surged 9.5%, and Westgold rallied 9.6% after reporting record December-quarter results.
In corporate news, Australian Strategic Materials soared 119.3% after U.S.-based Energy Fuels agreed to acquire the company for US$299 million (A$447 million).
Lynas Rare Earths climbed 6.7% after its average rare earths selling price increased from $54.30 to $85.60 a kilogram in the September quarter.
Beach Energy added 2.7% despite reporting a 9% decline in quarterly production to 4.5 million barrels of oil equivalent for the December quarter.
On the bond markets, yields eased, with the 10-year and 2-year Australian government bond rates down 0.4% and 0.3% at 4.771% and 4.064%, respectively.
