COVID fears eclipse Wall Street leads: Aus shares close 0.1% higher

The Australian sharemarket’s rally decelerated after midday, as telcos and utilities capped gains by gold miners.

Mining heavyweights’ performances reflected soaring gold prices and iron ore futures’ indications of a rebound, as BHP (ASX:BHP), Rio Tinto (ASX:RIO) and Fortescue Metals (ASX:FMG) all edged higher.

Commonwealth (ASX:CBA) was the standout performer of the big four banks, gaining 1.3 per cent to close at a record high of $97.79. 

Information Technology also saw a mixed picture, as losses in Nuix (ASX:NXL) and Carsales (ASX:CAR) contradicted gains in buy now pay later stocks and accounting platform Xero (ASX:XRO).

Investor appetite from early trading deteriorated in the afternoon session, as fears of COVID-fuelled volatility eclipsed stateside sentiment. New coronavirus spikes across Asia have prompted authorities in South East Asia and Taiwan to tighten up pandemic control measures.

At the closing bell, the S&P/ASX 200 was 0.13 per cent or 9.40 points higher at 7023.60.

Futures

The Dow Jones futures are pointing to a fall of 47.00 points.
The S&P 500 futures are pointing to a fall of 2.50 points.
The Nasdaq futures are pointing to a rise of 5.75 points.
The SPI futures are pointing to a rise of 20 points when the market next opens.

Best and worst performers

The best-performing sector was Information Technology, up 1.16 per cent. The worst-performing sector was Utilities, down 1.90 per cent.

The best-performing stock in the S&P/ASX 200 was Resolute Mining (ASX:RSG), closing 7.83 per cent higher at $0.62. It was followed by shares in Ramelius Resources (ASX:RMS) and Viva Energy Group (ASX:VEA).

The worst-performing stock in the S&P/ASX 200 was Carsales.Com (ASX:CAR), closing 10.40 per cent lower at $17.20. It was followed by shares in Nuix (ASX:NXL) and Macquarie Group (ASX:MQG).

Asian markets

Japan's Nikkei has lost 0.92%.
Hong Kong's Hang Seng has gained 0.75%.
China's Shanghai Composite has gained 0.79%.

Commodities and the dollar

Gold is trading at US$1854.09 an ounce.
Iron ore is 12.10 per cent lower at US$208.79 a ton.
Iron ore futures are pointing to a rise of 0.63 per cent.
Light crude is trading $0.20 lower at US$63.22 a barrel.
One Australian dollar is buying 77.59 US cents.