US futures drop after tepid Alphabet, Tesla results
Telix Pharmaceuticals tops benchmark losses
Energy stocks drop; real estate stock continue slide
Gold stocks buck trend to rise 2.9% on higher bullionprices
(Updates to close)
Australian shares drifted lower on Wednesday, tracking the lacklustre end on Wall Street overnight, while a drop in energy and real estate stocks also weighed.
The S&P/ASX 200 index (xjo) closed 0.1% lower to 7,963.70 points.
U.S. stock futures dropped after lacklustre earnings from Alphabet GOOGL.O and Tesla TSLA.O dented global risk appetite. Wall Street ended lower on Tuesday on trepidation ahead of the results from the index heavyweights.
"The Australian market is following the U.S lead from overnight, with little movement on the day," said Josh Gilbert, a market analyst from eToro AUS Capital.
Energy stocks .AXEJ fell 1.1%, with sector-major Woodside Energy (WDS) down 1.1%, with Brent prices near six-week lows.
Interest rate-sensitive real estate stocks .AXRE dropped 1.6%, falling for the fourth time in five sessions.
In corporate news, Telix Pharmaceuticals (TLX) led losses on the benchmark index, ending 7.1% lower after it raised A$650 million ($428.03 million) through convertible bonds due 2029.
Gold stocks .AXGD , however, were a significant outlier, advancing nearly 2.9% due to higher bullion prices.
Miners .AXMM finished 0.5% higher, with sector giants Rio Tinto (RIO) , BHP Group (BHP) and Fortescue (FMG) up between 0.2% and 0.5%.
New Zealand's benchmark S&P/NZX 50 index (nz50) rose 0.8% to finish the session at 12,530.99 points, hovering near its January 2022 highs.
($1 = 1.5186 Australian dollars)
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Dani Nadri, Country Manager Australia
Dani Nadri
Country Manager Australia
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