Australian Stocks Experienced Decline as S&P/ASX 200 Hits New 1-Month Low

Australian Stocks Downturn with Losses Driven by IT and Mining Sectors

Key Points:

  • The S&P/ASX 200 declined sharply by 1.81%, hitting a new 1-month low. Losses were observed in the Consumer, Metals & Mining, and Utilities sectors.
  • BWP Trust (ASX:BWP), IPH Ltd (ASX:IPH), and Virgin Money PLC (ASX:VUK) were among the top performers on the Sydney Stock Exchange.
  • Star Entertainment Group Ltd (ASX:SGR), Zip Co Ltd (ASX:ZIP), and Resolute Mining Ltd (ASX:RSG) were among the worst performers.
  • 918 declining stocks compared to 266 advancing ones, while 426 ended unchanged. The S&P/ASX 200 VIX surged by 16.15%.

Australian stocks witnessed a significant downturn after the close on Tuesday. Losses were predominantly observed in the Consumer Discretionary, Metals & mining, and Utilities sectors. At the close in Sydney, the S&P/ASX 200 declined by 1.81% or 140.00, reaching a new one-month low at 7,612.50.

BWP Trust (ASX:BWP) led the top performers on the S&P/ASX 200, climbing 2.08% or 0.07 points to reach 3.44 by the session’s close. Following suit, IPH Ltd (ASX:IPH) saw a gain of 1.15% or 0.07 points, closing at 6.15, while Virgin Money PLC (ASX:VUK) ended late trade with a 0.73% increase, up by 0.03 points to 4.12.

On the downside, Star Entertainment Group Ltd (ASX:SGR) experienced the most significant decline, dropping 14.43% or 0.07 points to 0.42 by the session’s close. Resolute Mining Ltd (ASX:RSG) followed suit, fell by 12.24% or 0.06 points to 0.43, and Zip Co Ltd (ASX:ZIP) decreased by 10.90% or 0.15 points to close at 1.18.

On the Sydney Stock Exchange, falling stocks outnumbered advancing ones significantly, with 918 declining stocks compared to 266 advancing ones, while 426 ended unchanged. Shares in Star Entertainment Group Ltd (ASX:SGR) plummeted to all-time lows. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, surged by 16.15% or 1.84 to 13.20, marking a new 3-month high.

In commodities trading, Gold Futures for June delivery increased slightly by 0.60%, reaching $2,397.20 per troy ounce. Crude oil for delivery in May rose by 0.42% to $85.77 a barrel, while the June Brent oil contract increased by 0.38% to $90.44.

The AUD/USD exchange rate remained unchanged at 0.64%, while AUD/JPY fell by 0.26% to 99.12. Meanwhile, the US Dollar Index Futures saw a modest increase of 0.20%, reaching 106.21.

TechGolly editorial team led by Al Mahmud Al Mamun. He worked as an Editor-in-Chief at a world-leading professional research Magazine. Rasel Hossain and Enamul Kabir are supporting as Managing Editor. Our team is intercorporate with technologists, researchers, and technology writers. We have substantial knowledge and background in Information Technology (IT), Artificial Intelligence (AI), and Embedded Technology.

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