Australia stock market finished choppy session marginally lower on Thursday, 28 September 2023, weighed down by retailers and consumer goods stocks, as the weaker than expected domestic consumer spending data and lingering concerns over prolonged U.S. monetary tightening.
At closing bell, the benchmark S&P/ASX200 index was down 5.59 points, or 0.08%, to 7,024.76. The broader All Ordinaries index declined 7.33 points, or 0.1%, to 7,222.47.
Total 9 of 11 sectors were lower along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining +2.96%. Consumer discretionary was the bottom performing sector, falling 1.18%, followed by utilities (down 0.8%), telecommunication services (down 0.7%), and consumer staples (down 0.68%) sectors.
Shares of consumer staples and consumer discretionary companies were weaker after the weaker than expected consumer spending data. Supermarket giants Coles (down 0.7%) and Woolworths (down 0.9%) dropped, along with IDP Education (down 3.5%) and Aristocrat Leisure (down 1.9%).
Shares of energy companies gained on tracking rally higher crude oil prices. Coal miners Whitehaven (up 6.1%) and New Hope (up 3.2%) were higher. Heavyweights Santos (up 3.8%) and Woodside (up 2.9%) also climbed.
Materials and resources stocks were also higher. Shares in iron ore heavyweights BHP (up 0.6%), Fortescue (up 1.4%) and Rio Tinto (up 1.2%) were stronger. Lithium miners Pilbara Minerals (up 2.9%), IGO (up 1.8%) and Allkem (up 1.8%) also advanced.
ECONOMIC NEWS: Australia's Retail Sales, a measure of the country's consumer spending, rose 0.2% in August on a monthly basis, as against July's 0.5% increase, according to the official data published by the Australian Bureau of Statistics (ABS) on Thursday.
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