Australia stock market finished the session slightly lower on Tuesday, 30 May 2023, as investors locked in some of recent gains amid lack of major cues from global markets after European markets slipped and Wall Street was closed overnight for Memorial Day.

At closing bell, the benchmark S&P/ASX200 index was down 8.09 points, or 0.11%, to 7,209.28. The broader All Ordinaries index dropped 7.83 points, or 0.11%, to 7,387.30.

Total 9 of 11 sectors ended higher along with the S&P/ASX 200 Index. A-REIT was the best performing sector, gaining +1.96% , followed by financial (up 1.22%), materials (up 1.1%), and healthcare (up 0.91%) sectors.

The top performing stocks in the S&P/ASX 200 Index were BRAINCHIP HOLDINGS and CHARTER HALL SOCIAL INFRASTRUCTURE REIT, up 4.65% and 4.50% respectively. The bottom performing stocks in S&P/ASX200 index were IDP EDUCATION and TELIX PHARMACEUTICAL, down 15.9% and 6.08% respectively.

Shares of materials advanced after the iron ore price lifted 2.7% overnight, with Mineral Resources (up 1.6%), Rio Tinto (up 0.2%) and BHP (up 0.3%) all climbing.

Qantas (up 2.4%) climbed after it unveiled new customer service improvements, sustainability investments and new earnings targets through to 2030 at its first investor day since before the COVID-19 pandemic.

Shares of financials and real estate investment trusts (REITS) were lower. The big four banks, including the country's biggest, CBA (down 0.6%), slipped along with real estate companies Goodman Group (down 0.8%), Charter Hall Group (down 1.9%) and Vicinity Centres (down 1.8%).

Energy stocks declined inline with 0.9% drop in Brent crude oil prices , with heavyweights Woodside (down 0.6%) and Santos (down 0.5%) all declining. Coal miners Yancoal (down 0.6%) and Whitehaven (down 1.3%) also dropped.

ECONOMIC NEWS: Australia Building Permits Fall 8.1% On Month in April- Australia seasonally adjusted estimate for total dwellings approved fell 8.1% month-on-month to 11,594 units in April 2023, data showed. Private sector houses fell 3.8%, while private sector dwellings excluding houses fell 16.5%. The value of new residential building fell 2.7%, while the value of non-residential buildings rose 13.5%. The value of total building rose 4.7%.

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