The ASX’s record-breaking form suffered a setback this morning, dipping in the opening hours of today’s trading session. The Australian tech sector mimicked its Wall Street equivalent and copped big losses. Stocks in healthcare have also contributed to the downward pressure on the broader market. Telcos and Real Estate Investment Trusts are fighting the tide and appear to be the only sectors in the black.
At midday the ASX200 is tracking 0.35 per cent lower at 7041, while its futures are suggesting a fall of 0.7 per cent
Economic newsThe Reserve Bank of Australia (RBA) has addressed rising property prices in its April meeting minutes and attributed the significant upturn in pricing to increased demand by owner-occupiers and first home buyers. According to RBA economists, This segment of property hunters has been buoyed by strong economic recovery continuing into 2021. Albeit the Australian central bank has cited the annualized growth in housing credit of around 4.5 per cent over 6 months to February, RBA Governor Philip Lowe emphasised that “there was no notable evidence of a deterioration in housing lending standards.”
Best and worst performers at noonThe best performing sector is Telecommunications adding 0.1 per cent, while the worst performing sector is Consumer Staples, shedding 0.6 per cent.
The best performing stock is Mineral Resources
(ASX:MIN), adding 3.5 per cent, while the worst performing stock at noon is Challenger
(ASX:CGF)
