The Australian dollar experienced a decline due to a "risk-off" sentiment in the market. Concerns about the US banking sector and signs of weakness in both the US and Chinese economies contributed to this decline.
The Australian dollar dropped by 1.1 percent against the US dollar, reaching US67¢, erasing the gains it had made on the previous day when it reached as high as US68.18¢. It was on track to end the week with a 0.7 percent decrease.
At noon, the S&P/ASX 200 is 0.14 per cent lower at 7,241.70.
The SPI futures are pointing to a fall of 3 points.
Best and worst performersThe best-performing sector is Health Care, up 1.03 per cent. The worst-performing sector is Materials, down 1.27 per cent.
The best-performing large cap is Liontown Resources
(ASX:LTR), trading 2.22 per cent higher at $2.995. It is followed by shares in CSL
(ASX:CSL) and IDP Education
(ASX:IEL).
The worst-performing large cap is Evolution Mining
(ASX:EVN), trading 4.64 per cent lower at $3.70. It is followed by shares in QBE Insurance Group
(ASX:QBE) and Northern Star Resources
(ASX:NST).
Asian newsAsia-Pacific markets are trading mixed after the US posted more data that showed inflation was easing.
The producer price index for April, posted a year-on-year increase of 0.2 per cent, against a Dow Jones estimate for 0.3 per cent and after declining 0.4 per cent in March. Excluding food and energy, core PPI also rose 0.2 per cent.
The Kospi lost 0.54 per cent and the Kosdaq saw a smaller loss down 0.12 per cent. Japan’s Nikkei 225 rose 0.83 per cent, while the Topix also climbed 0.52 per cent, powered by health care and utilities stocks.
In Hong Kong, the Hang Seng index rose 0.15 per cent ahead of its first-quarter GDP figures, while mainland Chinese markets were all lower. The Shanghai Composite fell 0.15 per cent, and the Shenzhen Component
Company newsEncounter Resources
(ASX:ENR) announced that their West Arunta gravity survey reveals extraordinary new targets for copper, gold and rare earths. MD Will
Robinson said: “the survey provided important geological context, key structural information and high-quality new targets.” Shares are trading 21.43 per cent higher at 25.5 cents.
Bowen Coking Coal
(ASX:BCB) announced that the Department of Climate Change, Energy, the Environment and Water intends to approve a Proposed Action, which will enable a Mining Lease to be granted upon finalisation of land access agreements for the Isaac River project. Nick Jorss, BCB Executive Chairman said, “As the Bowen Basin’s newest independent coal producer, we’re here to meet the growing demand for energy and steelmaking coal.” Shares are trading 7.32 per cent higher at 22 cents.
Lithium Energy
(ASX:LEL) announced massive intersections of lithium brine continue at their Solaroz project in the famous ‘lithium triangle’ region of South America. William Johnson, Executive Chairman: “Further assay results [show] potential for the intersections to therefore increase even further in each hole.” Shares are trading 10.3 per cent higher at 96 cents.
Commodities and the dollarGold is trading at US$2018.50 an ounce.
Iron ore is 4.3 per cent lower at US$102.85 a tonne.
Iron ore futures are pointing to a 2.2 per cent fall.
One Australian dollar is buying 66.98 US cents.
