Australian shares dipped midday Tuesday as declines in James Hardie and Sonic Healthcare offset a tech rally following a record high for the Nasdaq.

The Australian sharemarket edged closer to its record high, driven by robust gains in the mining sector.

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The S&P/ASX 200 surged on Thursday as the jobless rate rose faster than expected to 4.1%, indicating an economic slowdown aligning with Reserve Bank forecasts.

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Ahead of the federal budget, Australian shares saw modest declines, with the S&P/ASX 200 dropping by 0.4 percent as the market reacted to a flat performance on Wall Street and awaited crucial inflation data from the US. The real estate sector felt the brunt of the losses, dipping 0.9 percent, influenced by interest rate sensitivities.

Fletcher Building, a prominent construction group, witnessed a significant 11% drop in its stock value following a reduction in its fiscal 2024 earnings guidance. The company attributed this decline to a “notable slowdown” in New Zealand house sales and a faltering property market in Australia.

The Australian Stock Exchange saw gains, led by energy companies as optimism over China’s economic rebound and rising commodity prices fueled market enthusiasm.

Australian shares fall sharply with retailers and banks hit hard by rising living costs and dampened consumer spending, signaling tougher economic times ahead.

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