Australian shares again fell on Thursday as higher domestic inflation weighed down rate cut prospects and amid large losses in commodity stocks.
The S&P/ASX 200 Index slid 37.40 points, or 0.5%, to 7,628.20.
The miner-heavy materials counter posted the largest drop among the sectors on the Australian bourse, falling 1.9%. This was followed by losses of 1.4% in energy and utilities.
"A risk-off tone across markets dented sentiment in the commodity sector. This was aided by a stronger [US dollar], which weighed on investor appetite," said Brian martin and Daniel Hynes, analysts at ANZ Research.
Australian private capital new spending rose 1% in the March quarter, 5.5% higher than a year ago. Business investment grew 3.3% in non-mining industries in the quarter, partly offset by a fall in mining capex, down 4.7%.
Dwelling approvals in Australia slipped 0.3% in April to 13,078, following a 2.7% rise in March. The value of total building approved fell 3.8% in April, following a 13.8% rise in the prior month.
In company news, Ora Gold (ASX:OAU) entered into a strategic alliance with Westgold Resources (ASX:WGX) that will see the development of the former's Crown Prince deposit into production. Ora Gold shares closed 25% higher Thursday.
Sports Entertainment Group (ASX:SEG) received a non-binding indicative offer from MT Arena Capital Investment for its 95%-owned Perth Wildcats Basketball. Shares of the company rose 15%.
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