The benchmark S&P/ASX 200 Index fell 38.3 points, 0.5 per cent, to 7038.2 at the closing bell, weighed down by losses nine in out of the 11 industry sectors.
A sell-off in technology and real estate stocks dragged the Australian sharemarket into the red on Tuesday as the market to repositions for a longer period of higher interest rates.
Property stocks also reacted negatively to the increased bets on an increase to the cash rate at the Reserve Bank of Australia’s policy meeting next Tuesday. Goodman Group lost 1.7 per cent to $21.51, Westfield shopping centre owner Scentre Group slid 1.2 per cent to $2.52 and Vicinity Centres was off 1.5 per cent to $1.70.
The healthcare sector was one of the two sectors that recorded gains, pushed higher after imaging company Pro Medicus surged 12.4 per cent to $80.01 and topped the main index after winning a $140 million contract with US-based Baylor ScottAdvertisement Shares in Air New Zealand fell 1.4 per cent to 64¢ after the airline held off providing guidance because of uncertain and volatile macroeconomic factors including fuel prices and a drop in value of the $NZ.
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