The Australian share market snapped its ‘mixed’ twelve-day bullish streak to close in the red on Tuesday, weighed down by Information Technology, Health Care, Energy, Financials, and profit-taking.
The benchmark S&P/ASX 200 index backed away from the 13-month highs and fell -47.8 points, or -0.68%, to 7,017.8, after the local share market came within 100 points (striking distance) of the February 2020 all-time high inked in at 7,197.20.
The broader All Ordinaries tumbled -45.9 points, or -0.63% to 7,282.1.
The mining giants fell despite the price of iron ore rising to a nine-year high on Monday.
Fortescue Metals Group adding +1.83% to $21.20, and BHP Group lost -0.23%, to $47.45.
Rio Tinto Limited, meanwhile, reported its flagship iron ore division made its best start to a year since 2018, shipping 77.79 million tonnes from Western Australia in January-March; Rio shares fell -0.54% to $120.20.
Other mining stocks were mixed weaker, with Pilbara Minerals falling -1.89% to $1.30, Mineral Resources firmed +3.02%, to $45.08, and IGO closed flat at $6.98.
Buy-now-pay-later giant Afterpay said it was considering listing its equities in the U.S. as part of a third-quarter update that showed North America was now the largest contributor to its sales and that the U.S had recorded more than $1 billion in underlying sales in a single month. Its shares dipped -0.77%, to $125.23.
Accounting software provider Xero dropped -1.41%, to $143.73, Altium plummeted -5.24%, to $28.41, Nextdc tumbled -1.01%, to $11.77, Appen fell -1.44%, to $16.38, EML rose +0.73%, to $5.50 and Zip Co added +0.67%, to $9.00.
Gold stocks were mixed as the precious metal bulls staged a minor retreat from a seven-week peak at $1,790.
Newcrest Mining climbed +0.25% to $27.90, Northern Star Resources dropped +0.79% to $11.37, Evolution Mining Ltd ended flat at $4.74.
Real estate shares were weaker, with Charter Hall lost -0.59% to $13.55, Lendlease slid -1.91% to $12.84, and Goodman Group rose +1.48% to $19.19.
As for our oil and gas producers, Woodside Petroleum lost -1.19% to $23.34, while Oil Search fell -1.27%, to $3.90, Santos fell -0.57%, to $7.02, and Worley ended to a +0.19% gain of $10.55.
Telstra added +0.59%, to $3.39, while Woolworths lost -0.9%, to $41.63, Wesfarmers tumbled -0.57%, to $55.51, QBE Insurance fell -0.93%, to $9.56, and Aristocrat Leisure slipped -1.52%, to $36.35.
The Financial sector was weaker with Commonwealth Bank leading the “Fab Four” (banks) lower by +1.24%, to $87.74, while National Australia Bank ended down -0.67%, to $26.50, Australia and New Zealand Banking Group lost -0.93%, to $28.66, Westpac Banking Corp fell -0.47%, to $25.24 and Macquarie Group dropped -0.81% and settled at $156.00.
Adairs shares climbed +6%, to $4.77, while Super Retail Group gained +0.9%, to $12.30, and JB Hi-Fi added +0.9%, to $52.98.
Travel and tourism companies were mixed with Helloworld falling -1.9%, to $2.07, Corporate Travel Management rose +0.95%, to $19.03, Webjet lost -0.19%, to $5.17, Flight Centre added +0.56%, to $17.73 and Qantas lost -1.34% to $5.01.
Sydney Airport dropped -1.6%, to $6.04, despite the number of domestic passengers almost doubling in March from February as domestic borders remained open.
Biotechnology giant CSL lost -1.62%, to $263.95, while ResMed fell -1.79%, to $26.42, Fisher & Paykel Healthcare slid -0.32%, to $31.01, while Cochlear lost -1.27%, to $221.26 and Mesoblast lost -2.18%, to $2.24.
Stockland shares dropped -2.4%, to $4.51, despite upgrading its forecast for settlements this year, reporting investor inquiries have more than doubled from their trough last year.
Temple & Webster shares gained +1.5%, to $10.91 after it said trading continued to exceed expectations.
Sales growth slowed to 20% in April, from 112% in the March quarter as the retailer cycled a strong performance from the previous year.
Meanwhile, our local currency, the Australian dollar, is currently buying US$0.7772 (as of writing).