A small fall in Australia's share market on Tuesday was actually a good performance considering steep drops in James Hardie, Telstra and Sonic Health.
The S&P/ASX 200 closed down 0.2 per cent at 7851.7 points after hitting an intraday low of 7841.5.
"There was a monster transition (change of mandate) in the market today we saw over 100 Blocks worth $1.28 billion," says Bell Potter head of institutional sales and trading, Richard Coppleson.
"Citi was running it and it was in growth mid-to- large cap stocks – it was going both ways – so selling and buying growth stocks.."
"As a result value was huge at $7.8bn," he added.
Coppelson says the transition flow should continue Wednesday.
James Hardie plunges 15 per cent, Telstra drops 2.7 per cent and Sonic Healthcare dives 6 per cent, shaving 15 points off the index after providing disappointing earnings guidance.
Rio Tinto falls 1.3 per cent, Goodman slips 0.7 per cent and Fortescue loses 0.8 per cent. But BHP adds 0.7 per cent, ANZ rises 0.5 per cent, Qantas jumps 3.3 per cent, ALS jumps 5 per cent on a solid FY24 results and Technology One jumps 4.6 per cent, also on positive half-year results and outlook.
JB Hi-Fi gains 1.5 per cent and Harvey Norman adds 1.2 per cent as Macquarie upgrades in anticipation of strong demand for AI computers.
Overall consolidation is likely before FOMC minutes and results from Nvidia which are due early Thursday Australian time.