The Australian stock market experienced a volatile session on February 19, 2024, initially falling before recovering slightly, mirroring negative cues from Wall Street. The S&P/ASX 200 index edged up by 0.07% to 8,302.10, while the All Ordinaries Index declined by 0.19% to 8,554.60.
Mining stocks like BHP Group and Rio Tinto saw declines exceeding 1%, while Fortescue Metals and Mineral Resources also dipped. Energy stocks largely decreased, with Santos down nearly 3%. Tech stocks faced significant pressure, with Block plummeting over 11% and WiseTech Global tumbling over 23% following chairman and directors' resignations.
Conversely, financial stocks showed strength, with Commonwealth Bank, ANZ Banking, and National Australia Bank gaining almost 2% each. NIB Holdings surged nearly 14% after positive first-half results. Iress, Nuix, and Reece experienced substantial declines, while APA Group saw gains after reaffirming its outlook for 2025. The Aussie dollar traded at $0.637. Wall Street closed sharply lower on Friday, with the Dow Jones Industrial Average down 1.7%.