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Australian stocks mixed as energy and gold miners fall, iron ore firms gain

EditorNatashya Angelica
Published 2024-01-17, 03:34 a/m
Updated 2024-01-17, 03:39 a/m
© Reuters.

SYDNEY - The Australian stock market showed a mixed performance today as energy and gold mining sectors experienced notable declines, while major iron ore companies saw gains. The S&P/ASX200 index fell by 0.29%, reflecting a downturn in several key sectors.

Energy stocks particularly underperformed, with industry leaders Woodside (OTC:WOPEY) and Santos witnessing a drop in their share values by 1.12% and 0.78% respectively.

Gold miners were not spared from the bearish sentiment, as evidenced by Evolution Mining, which suffered significant losses by 17.33%. The plunge in Evolution's stock came on the heels of a production report that revealed higher than expected costs, casting a shadow over the company's financial performance.

In contrast to the struggles faced by energy and gold mining firms, iron ore giants such as BHP, Fortescue Metals Group (OTC:FSUGY), and Rio Tinto (NYSE:RIO) bucked the trend and registered gains. Their positive movement provided some balance to the market's overall performance.

The broader market's direction was influenced by signals from central bank leaders, hinting at a cautious stance towards interest rate cuts. This development tempered expectations for a potential rate cut by the Federal Reserve in March, contributing to a cautious mood among investors.

Amid these mixed signals from different sectors, the Australian dollar weakened in comparison to the US dollar. The currency's movement reflected the uncertainty and cautious investor sentiment prevailing in the market, as participants weighed the implications of central bank policies and sector-specific developments.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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