Australian shares dip again, hitting six-week low

The Australian share market has fallen for a seventh day of losses out of the last eight sessions - even as domestic monthly inflation figures came in slightly under expectations, bolstering expectations for another domestic rate cut.

The benchmark S&P/ASX200 index on Wednesday dropped 11.2 points, or 0.14 per cent, to 8,240.7, while the broader All Ordinaries fell 20.7 points, or 0.24 per cent, to 8,477.3.

The ASX did manage to claw back a little of its losses after the Australian Bureau of Statistics reported that consumer prices rose 2.5 per cent in the year to January, unchanged from a month earlier and a tad below consensus estimates of 2.6 per cent inflation.

Betashares chief economist David Bassanese said the report was good news for those hoping for another Reserve Bank rate cut in May.

Five of the ASX's 11 sectors finished lower on Wednesday and six ended higher.

Materials/mining was the biggest mover, dropping 1.6 per cent as Rio Tinto fell 3.4 per cent to $115.02, BHP lost 1.5 per cent to $39.71 and Fortescue retreated 6.2 per cent to $16.86.

In consumer staples, Woolworths slumped 3.0 per cent to a five-day low of $30.60 after the supermarket chain announced its first-half profit had fallen 20 per cent to $739 million.

Woolies said the loss was driven by the 17-day strike at four of its distribution centres in the lead up to Christmas, as well as "value-seeking customer behaviour".

In the consumer discretionary sector, Pointsbet soared 32.5 per cent to a three-year high of $1.10 after the corporate bookmaker said it had agreed to be acquired for $353 million by Japan-based MIXI, which in Australia operates the BetM wagering brand.

After the deal was announced, betr operator BlueBlue reiterated that it had an offer on the table.

Elsewhere in the sector, Helloworld Travel and Flight Centre both dropped by double digits after releasing their earnings.

Helloworld fell 19.0 per cent to $1.66 after reporting that bookings fell 6.9 per cent to $2.1 billion, while Flight Centre retreated 10.2 per cent to $15.92 after posting a 26.6 per cent drop in profit.

In tech, Appen plunged by a third to a four-month low of $1.92 after the AI service provider said its 2024 revenue was down 14 per cent to $234.3 million, and its large language model project volumes were tracking lower in 2025 than they were in the fourth quarter.

Wisetech Global rose 2.1 per cent to $96.50 after founder Richard White re-took control of the company, becoming its executive chairman after the resignation of two-thirds of its board on Monday following a dispute with Mr White over his role.

Also moving on the back of earning announcements was auto parts company Bapcor (up 13.4 per cent), hotel commerce platform Siteminder (down 11.8 per cent), bus operator Kelsian Group (down 15.2 per cent), pathology chain Australian Clinical Labs (down 11.6 per cent), radiology company Integral Diagnostics (down 12.2 per cent) and gambling machine manufacturer Light & Wonder (up 7.8 per cent).

All of the big four banks finished higher, with ANZ up 1.4 per cent to $29.75, CBA gaining 1.3 per cent to $156.26, Westpac adding 0.8 per cent to $31.51 and NAB rising 0.4 per cent to $35.53.

Michael Hill dropped 5.4 to a nine-month low of 44 cents after the jewellery store chain announced its chief executive and managing director, Daniel Bracken, had died unexpectedly overnight.

In currency, the Australian dollar was buying 63.25 US cents, from 63.55 US cents at 5pm AEDT on Monday.

ON THE ASX:

* The benchmark S&P/ASX200 index on Wednesday dropped 11.2 points, or 0.14 per cent, to 8,240.7

* The broader All Ordinaries fell 20.7 points, or 0.24 per cent, to 8,477.3

CURRENCY SNAPSHOT:

One Australian dollar buys:

* 63.25 US cents, from 63.55 US cents at 5pm AEDT on Tuesday

* 94.53 Japanese yen, from 95.16 yen

* 60.30 euro cents, from 60.65 euro cents

* 50.05 British pence, from 50.29 pence

* 110.82 NZ cents, from 110.76 NZ cents