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ASX 200 finishes 0.4% lower, Rio falls 1.7% after reporting drop in profits

Published 23/02/2023, 04:38 pm
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By Oliver Gray 

Investing.com - The S&P/ASX 200 fell 29.1 points or 0.4% to 7,285.4 during Thursday’s trade, extending losses of 0.4% in the previous session as materials led declines, as hawkish rhetoric from the Federal Reserve meeting minutes overnight sparked growing recession fears.

Materials led the declines, down 1.4% as Rio Tinto Ltd (ASX:RIO) dropped 1.7% after reporting earnings results. EPS came in at A$3 versus $3.09 expected, while revenues were at $55.554 million versus 24.438 million expected, resulting in a 38% drop in annual profits amid weaker iron ore prices on slowing demand from China.

BHP Group Ltd (ASX:BHP) fell 3.4% and Fortescue Metals Group Ltd (ASX:FMG) lost 0.3%.

Staples were 0.9% lower as Woolworths Ltd (ASX:WOW) dropped 1.4% and Coles Group Ltd (ASX:COL) lost 1.6%.

On the bond markets, Australia 10-Year rates were at 7-week highs of 3.892%.

In New Zealand, the NZX 50 added 0.8% to 11,888.5.

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