Aussie shares log fourth session of losses, banks drag
The local share market fell for a fourth session as investors mull a tax shake-up. -AAP Image
Australian shares have fallen for a fourth straight session, as CommBank led the big banks lower, eclipsing a broadly positive session elsewhere.
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The S&P/ASX200 fell 40.3 points on Wednesday, down 0.46 per cent, to 8,630.4, as the broader All Ordinaries lost 28.9 points, or 0.32 per cent, to 8,880.7.
Commonwealth Bank shares had their worst day since March 2020, tumbling 10.4 per cent to $153.67 after an interim profit miss, rising interest rates, and investment tax reforms weighed on its growth outlook.
The heavily-weighted financials sector dropped more than four per cent, enough to push the major indices into the red despite the other 10 segments making gains.
Meanwhile, mining giant BHP hit a record $62.30 on the back of soaring copper prices, encouraging economic data from China and renewed hype around the global data centre build-out.
The Australian dollar is buying 72.39 US cents, up slightly from 72.12 US cents on Tuesday at 5pm.
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