The Australian S&P/ASX 200 index closed lower on Tuesday, decreasing by 45.8 points, or 0.5 percent, to 8682. This occurred despite an earlier 0.4 percent increase in ASX futures.
Sector Performance
Nine of the eleven industry sectors recorded declines. Major banks and consumer staples sectors contributed to the overall market decrease. Gains were observed in the mining and materials sectors.
BlueScope Steel Activity
BlueScope Steel shares rose 20.6 percent, reaching $29.48. This increase followed the company's confirmation of a $13 billion takeover offer. The bid was made jointly by SGH Ltd, an industrial and media group, and US steelmaker Steel Dynamics. The offer price is $30 per share.
Broader Market Context
This market movement follows a flat session on Monday for the S&P/ASX 200. The Australian dollar was valued at US67.3 cents.