Miners were the top losers, falling 3.5% to their lowest since May 19. BHP Group weighed further on the index that was already tracking a drop in iron ore prices.
Synopsis
The S&P/ASX 200 index gained as much as 0.6 per cent in early trading but reversed course to close 0.3 per cent lower at 7,270.2. It ended 0.1 per cent higher on Tuesday.
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Australia s biggest supermarket chain Woolworths shed 1.9 per cent, its sharpest fall in six weeks, after local media reported that an independent review found failings by the firm over its plan to build a liquor store near alcohol-free communities in Darwin.
Australian shares pulled back from record highs to end lower in thin trade on Wednesday, weighed down by declines in financial stocks and supermarket giant Woolworths. The S&P/ASX 200 index gained as much as 0.6 per cent in early trading but reversed course to close 0.3 per cent lower at 7,270.2. It ended 0.1 per cent higher on Tuesday.
Inflation concerns have kept equity markets volatile in recent weeks as high readings could revive talk of an early tapering by the U.S. Federal Reserve, which will release new inflation data on Friday.