The local share market has handed back the previous session's gains with interest, after stock-specific shocks and mining sector selling weighed on sentiment.
The local share market has handed back the previous session's gains with interest, after stock-specific shocks and mining sector selling weighed on sentiment.
The S&P/ASX200 fell 43.1 points, or 0.48 per cent, to 9,012.5 as the broader All Ordinaries lost 56.1 points, or 0.6 per cent, to 9,295.8.
A banking sector rally couldn't dig the bourse out of trouble, as health care and IT stocks were dragged under water by segment giants CSL and WiseTech, which each sank more than 15 per cent.
The plunge in CSL shares followed slashed earnings guidance, while WiseTech tumbled after its officers were raided by the Australian Federal Police amid improper trading allegations.
The materials sector was also hammered as investors took profits on gold stocks and critical minerals miners, with an impending US-China trade deal weighing on safe-haven appetite and bringing a recent rare earths rally crashing to reality.
"The pressure that we're seeing across the board today has really weighed on metals and put mining under severe pressure and clearly the pressure on the gold price has been part of that," Moomoo market strategist Michael McCarthy told AAP.
Spot gold is trading at $US3,967 ($A6,050) an ounce, down about 9.5 per cent from all-time highs just over a week ago.
Large caps BHP, Fortescue and Rio Tinto held up well compared to the rest of the segment, slipping about 0.5 per cent each.
"It was the frothy part of the market, the part that's run so hard, the gold miners, the rare earths and a few specialists that are really getting a belting today," Mr McCarthy said.
"I suspect materials are going to be under pressure for the rest of the week, particularly gold, which looks like a bursting bubble."
Energy stocks were also under pressure, sliding 1.7 per cent as oil prices edged lower as signs of a global supply glut outweighed any concerns over US sanctions on Russian crude.
Woodside and Santos each tracked at least 1.7 per cent lower, while investors faded coal producers and uranium miners.
A rally in the big four banks helped lift the financials sector 1.3 per cent, providing a limited ballast against broader losses as Commonwealth Bank climbed to 11-week highs above $175 a share.
Consumer discretionary stocks also performed well, up 1.7 per cent and tracking with a strong lead from Bunnings owner Wesfarmers.
In other company news, Domino's Pizza shares rocketed 7.2 per cent higher before going into a trading halt, amid a rumoured private equity buyout.
The Australian dollar is buying 65.56 US cents, up from 65.38 US cents on Monday at 5pm.
Wednesday's quarterly inflation figures are expected to show rising price growth which, along with hawkish comments from RBA governor Michele Bullock overnight, have weakened the odds of an interest rate cut next week.
"For the first time in six months, I would argue, the market has taken notice and realised it does depend on the data, not on what we want, which is rate cuts," Mr McCarthy said.
"The reaction to the market today reflects a dawning realisation, rather than any change in direction from governor Bullock."
ON THE ASX:
* The S&P/ASX200 fell 43.1 points, or 0.48 per cent, to 9,012.5
* The broader All Ordinaries lost 56.1 points, or 0.60 per cent, to 9,295.8
CURRENCY SNAPSHOT:
One Australian dollar trades for:
* 65.56 US cents, from 65.38 US cents on Monday
* 99.61 Japanese yen, from 100.12 Japanese yen
* 56.21 euro cents, from 56.23 euro cents
* 49.07 British pence, from 49.08 British pence
* 113.47 NZ cents, from 113.48 NZ cents
