The Australian sharemarket extended its losing streak to a seventh consecutive session on Wednesday, marking its longest run of declines since June 2022, as elevated inflation data dampened investor sentiment ahead of next week’s Reserve Bank of Australia (RBA) policy decision.
The S&P/ASX 200 Index fell 23.7 points, or 0.3%, to close at 8,687.0, despite a majority of sectors finishing in positive territory.
Market sentiment weakened after fresh data showed annual inflation rising 4.6% in the year to March, slightly below expectations of 4.8% but still near multi-year highs.
The data strengthened expectations that the RBA could maintain a hawkish stance, with investors increasingly pricing in the risk of further rate hikes in the near term.
Healthcare stocks led the declines among sectors, with CSL dropping 2.4%, ResMed falling 1.1%, Ramsay Health Care down 1.1%, and Cochlear sliding 3.2%.
Financial stocks were mostly weaker, as Commonwealth Bank lost 1.4%, National Australia Bank declined 1.2%, and Westpac fell 1%.
ANZ was the outlier, edging 0.4% higher after announcing it would acquire its payments joint venture partner, France-based Worldline, for A$89 million.
In contrast, utilities provided support to the index, with Origin Energy rising 3.2%, AGL Energy gaining 2.4%, and APA Group advancing 0.6%.
Energy stocks also posted gains, with Santos adding 0.4% and Ampol rising 0.9%. Woodside Energy climbed 2.2% after signalling stronger liquefied natural gas prices are expected to support earnings in the coming quarters.
The company reported that average realised prices rose 11% to US$63 per barrel of oil equivalent in the March quarter.
In corporate developments, Codan surged 15.5% to lead gains on the benchmark after the metal detection and communications equipment company upgraded its earnings outlook for the 2026 financial year, stating profits are tracking well ahead of expectations.
OOh!media soared 32.9% following a takeover proposal from Pacific Equity Partners, which values the outdoor advertising company at approximately $754 million. The offer would see shareholders receive $1.40 per share.
Meanwhile, G8 Education plunged 31.3% after the childcare operator suspended operations at around 40 centres and announced cost-cutting measures across its support office, citing weaker occupancy rates and mounting industry pressures.
On the bond markets, yields moved lower, with the 10-year rate declining 1.3% to 5.001% and the 2-year yield falling 1.8% to 4.702%.
