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  • The Australian share market finished lower for third consecutive session on Wednesday, 13 October 2021, weighed down by losses in financials and materials. At closing bell, the benchmark S&P/ASX200 fell 8.19 points, or 0.11%, to 7,272.54. The broader All Ordinaries index dropped 3.73 points, or 0.06%, to 7,571.85.

    Financial stocks fell, with Bank of Queensland leading losses, down 4%, after the lender warned its net interest margin would decline by 5-7 basis points in the coming year due to stiff competition and low interest rate environment. CBA fell by 1.6% and held its Annual General Meeting with shareholders. Westpac (WBC) fell by 1.3%. Investment manager Challenger (CGF) finished flat despite recording a 3% lift in Group Assets Under Management for the quarter.

    Shares of materials and resources skidded on tracking a retreat in iron ore prices. BHP Group, Rio Tinto and Fortescue Metals declined between 0.6% and 2.1%.

    Infant formula companies stood out, following a quarterly update from Bubs Australia (BUB). BUB rose by 38.89% after i Infant formula revenue jumped by 124% over the quarter. The a2 Milk Company (A2M) rose 13.5%.

    CURRENCY NEWS: The Australian dollar was at $0.734, off levels around $0.738 seen yesterday.

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