Australian markets closed lower on Wednesday as sector losses weighed on the benchmark. At the close in Sydney, the S&P/ASX 200 declined 1.94%.
Sector pressure came from Gold, Metals & Mining and Materials, which collectively drove the index down by the end of the session.
Top and bottom movers
The session's strongest performers on the S&P/ASX 200 included Stanmore Coal (ASX:SMR), which advanced 4.59% or 0.13 points to trade at 2.96 at the close. Mercury NZ Ltd (ASX:MCY) added 3.56% or 0.19 points to end at 5.53, while Bluescope Steel Ltd (ASX:BSL) rose 2.60% or 0.70 points to 27.60 in late trade.
On the downside, Paladin Energy Ltd (ASX:PDN) led declines, falling 7.71% or 1.05 points to 12.56 at the close. Generation Development Group Ltd (ASX:GDG) slipped 7.56% or 0.34 points to finish at 4.16, and DroneShield Ltd (ASX:DRO) dropped 7.46% or 0.27 points to 3.35.
Market breadth and volatility
Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 938 to 271, while 328 issues ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, rose 13.76% to 15.99, a new 6-months high.
Commodities and FX
In commodities, Gold Futures for April delivery were up 0.80% or 41.20 to $5,164.90 a troy ounce. Crude oil for delivery in April rose 1.48% or 1.10 to hit $75.66 a barrel, while the May Brent oil contract increased 1.74% or 1.42 to trade at $82.82 a barrel.
In currency markets, AUD/USD was unchanged 0.62% to 0.70, while AUD/JPY fell 0.66% to 110.26. The US Dollar Index Futures was up 0.17% at 99.17.
Outlook summary
Wednesday's session closed with the benchmark down 1.94%, driven by declines in resource-linked and materials names, rising implied volatility on the ASX 200, and mixed moves in commodities and currency pairs noted above.