![]() Magellan Financial Group shares tumbled 8.3 per cent after it disclosed $2.1 billion in outflows in the month of June. Star Entertainment was the worst performer of the day, and its shares sank 8.7 per cent. ![]() Commonwealth Bank retreated 1.3 per cent, Westpac dropped 1.7 per cent, National Australia Bank fell 2.1 per cent and ANZ lost 1.9 per cent. Wesfarmers shares dropped 2.6 per cent, Aristocrat Leisure lost 2.1 per cent, Domino’s Pizza dropped 3.2 per cent and Lovisa declined 3.9 per cent. The consumer discretionary sector also recorded losses, down 1.9 per cent. BHP Group shares dropped 2.3 per cent, Fortescue Metals shed 1.7 per cent and Mineral Resources fell 3.6 per cent. Mining stocks were among the worst performers, down 1.9 per cent. The benchmark S&P/ASX 200 index fell 1.2 per cent, or 89.8 points to 7163.4 points, weighed down by losses in 10 out of the 11 industry sectors. The Australian sharemarket dropped to its lowest in over a week following the release of the US Federal Reserve minutes, which indicated that rates were likely to rise again next month.
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