AAP Finance

Australian shares extend decline after rebound flops

By AAP Newswire

Mar 13, 2025

Person takes note at ASX display board — Australian shares have fallen after rebounding slightly on an overnight Wall Street uptick. -AAP Image

The local bourse has continued lower, after an early bounce collapsed into the red.

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The benchmark S&P/ASX200 was down 31.9 points, or 0.41 per cent, to 7754.3 as markets closed, while the broader All Ordinaries was down 30.6 points, or 0.38 per cent, to 7972.

The top 200 is down five per cent for 2025, and only 0.27 per cent stronger than a year ago.

An early 0.2 per cent bounce, on the back of a strong Wall Street performance and cooler than expected US inflation data, had all but collapsed by lunchtime.Â

Only IT stocks finished in the green, edging 0.2 per cent higher as financials, energy and materials stocks weighed heavily on the index, each losing between 0.3 and 0.6 per cent.

Westpac was the worst performer of the big four banks, falling 1.5 per cent after a price target downgrade from Morgan Stanley. Mining giant BHP was trading 1.4 per cent lower, while Rio Tinto gave up 1.3 per cent.

Coal producers fared even worse after Macquarie Bank cut its coal price forecast, sending Yancoal 13.6 per cent lower and New Hope Corporation 9.8 per cent down.

The Australian dollar gained ground against the greenback and is buying 63.10 US cents, up from 62.93 US cents at 5pm on Wednesday.

By AAP Newswire

Australian Associated Press