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AU Evening Wrap: Australian Shares Dropped 0.8% as Mining Stocks Continue Slide

Moomoo News AU wrote a column · Jun 24 02:26
Market Performance
The $S&P/ASX 200(.XJO.AU)$ in Australia closed 0.8% lower at 7733.7, driven by a slump in mining stocks.
The materials sector, in particular, fell by 1.1% due to a decline in commodity prices, resulting in a 6.7% retreat so far this month. $BHP Group Ltd(BHP.AU)$, $Rio Tinto Ltd(RIO.AU)$, and $Fortescue Ltd(FMG.AU)$, the three major iron-ore miners, experienced losses ranging from 0.8% to 2.1%. This marks the sixth consecutive weekly decline for the materials sector. Only the industrials sector saw gains. Meanwhile, banks such as $Westpac Banking Corp(WBC.AU)$, $CommBank(CBA.AU)$, $National Australia Bank Ltd(NAB.AU)$, and $ANZ Group Holdings Ltd(ANZ.AU)$ lost between 0.3% and 1.0%. Investors are anticipating the release of May inflation data midweek, which could potentially influence the expected movement of interest rates.
Source: ASX
Source: ASX
AU Evening Wrap: Australian Shares Dropped 0.8% as Mining Stocks Continue Slide
AU Evening Wrap: Australian Shares Dropped 0.8% as Mining Stocks Continue Slide
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Source: Dow Jones Newswires, AFR, ASX
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