The Australian sharemarket suffered a sharp decline on Wednesday, as escalating conflict in the Middle East pushed oil prices higher and intensified inflation concerns.
The benchmark S&P/ASX 200 plunged 176.1 points, or 1.9%, to 8,901.2, with all 11 sectors finishing in negative territory in a broad-based sell-off.
Mining stocks led the retreat after gold slumped as much as 6% overnight before stabilising below the key US$5,200 level.
Northern Star Resources lost 2.5%, Newmont dipped 6.3% and Evolution Mining fell 4.7%.
Diversified mining giants BHP, Rio Tinto and Fortescue also posted losses of 3.5%, 1.6%, and 3%, respectively.
Property stocks were similarly under pressure amid renewed concerns that interest rates may stay higher for longer.
Goodman Group lost 3.7%, Scentre Group dipped 2.4%, and Charter Hall Group shed 2.2%.
Consumer staples were not spared, with Woolworths Group falling 2.2%, Coles Group down 0.5% and Inghams Group declining 2.4%.
Treasury Wine Estates shed 6% after announcing that its chief financial and strategy officer, Stuart Boxer, would retire effective on 30 September.
Endeavour Group also dropped 3.5% after reporting a 17% fall in half-year net profit to $298 million.
Financials also weighed heavily on the index. Commonwealth Bank lost 1.2%, Westpac fell 1.6%, National Australia Bank dipped 2%, and ANZ tumbled 3.7%.
Adding to inflation concerns was stronger-than-expected economic data. Figures showed Australia’s economy expanded 0.8% in the fourth quarter, exceeding forecasts of a 0.6%.
According to the ASX RBA Rate Tracker, as at 3 March, the ASX 30 Day Interbank Cash Rate Futures March 2026 contract was trading at 96.12, implying a 27% expectation of an interest rate increase to 4.10% at the next Reserve Bank board meeting.
In corporate news, ARN Media rose 4.4% after The Kyle and Jackie O Show was pulled off air, with Jackie “O” Henderson reportedly telling the company she could no longer work with co-host Kyle Sandilands.
AUB Group slid 2.6% after completing its share purchase plan, raising approximately $10.6 million following a $400 million institutional placement announced in January.
On bond markets, yields eased slightly, with the 10-year rate down 0.9% to 4.747% and the two-year yield falling 1.3% to 4.267%.
