The Australian sharemarket declined for the sixth consectuive session, falling to the lowest level since 7 April on Tuesday, as oil prices extended gains amid ongoing U.S.-Iran developments.
The S&P/ASX 200 Index dropped 55.7 points, or 0.6%, to 8,710.7, with nine of the 11 sectors closing lower.
The local market failed to follow Wall Street’s lead after the S&P 500 and Nasdaq Composite both closed at fresh record highs overnight.
The Consumer Discretionary sector led the declines, with Domino’s Pizza Enterprises plunging 10.7% after its U.S.-listed shares fell 8.9% on the back of a weaker-than-expected first-quarter result.
Aristocrat Leisure slid 4.2%, Wesfarmers lost 2.1%, and Tabcorp dipped 0.5%.
Utilities also came under pressure, with Origin Energy falling 3.9% following a disappointing trading update released on Monday.
AGL Energy declined 1.5%, while Meridian Energy slipped 1.3%.
Mining stocks were mixed, with BHP down 1.3% and Rio Tinto losing 0.5%, while Fortescue Metals Group rose 1.7%.
Gold miners weighed on the index, with Northern Star Resources falling 2.9%, Evolution Mining dropping 3%, and Newmont shedding 4.5% as bullion prices softened.
Financial stocks were mixed, with Commonwealth Bank gaining 0.9% and ANZ adding 0.3%, while Westpac fell 0.9% and NAB edged 0.1% lower.
The Energy sector was the standout performer, supported by rising oil prices. Woodside Energy gained 0.8%, Santos rose 1.2%, Ampol added 1.3%, and Viva Energy advanced 3.5%.
Beach Energy slipped 0.8% after revising its production guidance to between 19.4 million and 20.3 million barrels of oil equivalent, citing ramp-up challenges and weather-related disruptions.
In corporate developments, Reliance Worldwide climbed 3.6% after reaffirming its full-year earnings outlook and reporting stable trading conditions.
European Lithium surged 45.6% after announcing a merger with Nasdaq-listed Critical Metals Corp in a deal that will value it at more than A$1 billion.
In fixed income markets, Australian government bond yields moved higher, with the 10-year yield rising 0.2% to 5.036% and the 2-year yield also up 0.2% to 4.737%.
