At the close, the benchmark S&P/ASX200 fell 63.41 points, or 0.94%, to 6,700.23. The broader All Ordinaries index lost 75.58 points, or 1.09%, to 6,878.86.
The best performing stocks in this index were LIONTOWN RESOURCES and SKYCITY RESOURCES, up 5.2% and 3.9% respectively. The worst performing stocks in this index were TYRO PAYMENTS and IMUGENE, down 16.67% and 13.95% respectively.
In total, 8 of 11 sectors were down along with the S&P/ASX 200 Index. Real Estate Trust was the worst performing sector, down 4%, followed by Information Technology (down 2, 8%), telecommunications services (down 2.2%), healthcare (down 1.5%) and materials (down 1.5%).
Finance was the best performing sector with +0.27%
Investors took inspiration from an overnight sell-off on Wall Street after dismal US consumer confidence data stoked recession fears. US consumer confidence hit a 16-month low in June as concerns over lingering inflation left consumers anticipating a significant slowdown in the economy or even a recession in the second half of the year.
Shares of tech companies skidded following a weak lead in the tech-heavy Nasdaq composite index overnight. Block fell 6.2%, while accounting software maker Xero erased 6.4%.
Star Entertainment soared 3.14% after the casino operator announced it had named Robbie Cooke, chief executive of fintech company Tyro Payments, as its new chief and chief executive.
Tyro Payments plunged 21.2% after the company announced Cooke would give 6 months notice before joining Star Entertainment.
Energy stocks rose on the back of high oil prices. Energy heavyweights Woodside Energy and Santos rose 3.1% and 1.9% respectively, lithium miner Liontown Resources jumped 17.4% after signing a lithium supply deal with Ford Motor Co.
In economic news, retail sales hit a record A$34.2 billion, up 10.4% from May last year, according to data from the Australian Bureau of Statistics. published on Wednesday.
CURRENCY NEWS: The US Dollar Index, which tracks the greenback against a basket of its peers, was at 104.485, rebounding from below 104 earlier this week. The Australian dollar was at $0.6884.
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