Australian Shares Fall; ResMed to Sell MatrixCare Business to Frazier Healthcare Partners for $490 Million

Australian shares declined on Wednesday as investors reacted to a surge in oil prices on the back of renewed hostilities between the US and Iran in the Middle East. The S&P/ASX 200 Index fell by 0.21%, or 18.80 points, to close at 8,785.10. Brent crude oil futures rose over 3% to trade around $76 per barrel as the US attacked targets in Iran after Iran targeted shipping in the Strait of Hormuz. The US also ⁠moved to withdraw a sanctions waiver allowing Iran to sell oil on the global market, which Iran said breached the memorandum of understanding to ​end the conflict. On the domestic front, the seasonally adjusted estimate for the number of dwellings approved in Australia fell 1.1% month-over-month in May to 17,019 after edging 0.2% lower in April, the Australian Bureau of Statistics said. The number of dwellings commenced in Australia fell 11.2% to 48,012 in the March quarter from the previous quarter, but rose 0.2% from the same period a year earlier. In company news, ResMed (ASX:RMD) agreed to sell its MatrixCare business to healthcare-focused private equity firm Frazier Healthcare Partners in a $490 million all-cash deal. The US Forest Service has issued the final.