ASX 200 closes 0.16% higher on Wednesday as banks rise and NextDC shares fall 42%

The S&P/ASX 200 index closed up 14.4 points, or 0.16%, at 8,831.3 on Wednesday 21 October, according to Market Index. The Associated Press reported the same closing level. The broader All Ordinaries rose 0.14% to 8,956.6.

Market Index said the index spent most of the day lower before a late rise in the major banks lifted it into positive territory. National Australia Bank rose 1.9%, Westpac 1.1%, Commonwealth Bank 0.9% and ANZ 0.6%. Communication services was the best-performing sector, up 2.2%, with Seek up 4.4% after announcing new arrangements for its growth fund.

Information technology was the weakest sector, down 3.3%. Market Index attributed the fall almost entirely to data centre operator NextDC, whose shares fell 41.7% to $5.35 after the company cut its revenue and earnings guidance, citing power supply delays at its M3 data centre in West Footscray, Melbourne. Materials fell 1.0%, with BHP down 1.6% and Rio Tinto down 1.5%.

Beach Energy rose 5.5% after reporting record quarterly revenue of $565 million, Market Index said.

The Australian dollar was at US70.12 cents at the close of the local session, Market Index data showed. Market Index also reported that market pricing for a Reserve Bank rate rise in November increased during the session after comments by Deputy Governor Andrew Hauser.

For NextDC’s earlier trading halt, see our report. For Tuesday’s session, see our earlier report.