ASX record-breaking run over

THE Australian sharemarket snapped its record-breaking run to close substantially lower after slumping in afternoon trade.

The S&P/ASX200 finished 0.68 per cent weaker at 7017.8 on Tuesday while the All Ordinaries Index fell 0.63 per cent to 7282.1.

After breaking closing records twice last week – eclipsing February 2020 highs – the All Ords climbed to a fresh peak of 7328 on Monday.

The local bourse then had its first decline in six sessions, CommSec analyst James Two said, following losses on US and European markets overnight.

“We had Wall Street coming back from recent record highs,” Mr Tao said.

“Today, it’s really been the likes of big banks and CSL weighing on the market although losses are across most sectors.”

ANZ retreated 0.93 per cent to $28.66, Commonwealth Bank gave up 1.24 per cent to $87.74, National Australia Bank backtracked 0.68 per cent to $26.50 and Westpac shed 0.47 per cent to $25.24.

Biotech giant CSL lost 1.62 per cent to $263.95.

Rio Tinto reported a 2 per cent fall in March quarter iron ore production from its flagship mines in Western Australia’s Pilbara region.

Rio shares were down 0.54 per cent at $120.20 and BHP was 0.23 per cent softer at $47.45 but Fortescue lifted 1.89 per cent to $21.60.