Afternoon update: ASX 200 drops 0.32% amid Real Estate sector losses
By mid-afternoon, the ASX 200 was down 0.32 per cent.
This decline was primarily driven by losses in the real estate sector, particularly Charter Hall (ASX:CHC) and Dexus (ASX:DXS), which lost 1.6 per cent and 1.7 per cent, respectively.
The market's mood was influenced by comments from New York Federal Reserve President John Williams, who indicated that it was premature to discuss interest rate cuts at the Fed's upcoming March meeting. In contrast, the US stock market had recently seen positive momentum due to the Federal Reserve's signal of potential rate cuts in 2024.
Notable stock movements have included Adbri (ASX:ABC) surging 33.3 per cent following an acquisition agreement, Link Administration Holdings (ASX:LNK) rising 27.7 per cent due to a Mitsubishi UFJ acquisition announcement, and Tabcorp's (ASX:TAH) 20 per cent jump as it retained its exclusive licence for wagering in Victoria, fending off international competitors like Sportsbet.
Copyright 2023 – Finance News Network
Source: Finance News Network
