ASX 0.22% higher near noon: Iron ore miners lift

Market Reports

by Peter Milios

Australian shares opened slightly higher, with a 0.2% increase driven by gains in the tech sector, although Telstra experienced a 4% decline due to announced job cuts. Wall Street saw major indices reaching record highs, notably the S&P 500, which added 0.3% to its record high for the 24th time in the year. Iron ore miners in Australia saw increases, buoyed by rising prices for the steel-making ingredient, while in London, BHP's bid for Anglo American faces a deadline, and digital currencies like ether and bitcoin held steady at elevated levels.

At 11:30am, the S&P/ASX 200 is 0.22 per cent higher at 7,868.70.

The SPI futures are pointing to a rise of 18 points.

Best and worst performers

The best-performing sector is Utilities, up 0.53 per cent. The worst-performing sector is Communication Services, down 2.29 per cent.

The best-performing large cap is Technology One (ASX:TNE), trading 6.69 per cent higher at $17.87. It is followed by shares in Telix Pharmaceuticals (ASX:TLX) and GQG Partners (ASX:GQG).

The worst-performing large cap is Telstra Group (ASX:TLS), trading 4.2 per cent lower at $3.42. It is followed by shares in IGO (ASX:IGO) and SEEK (ASX:SEK).

Commodities and the dollar

Gold is trading at US$2448.30 an ounce.

Iron ore is 1.9 per cent higher at US$120.70 a tonne.

Iron ore futures are pointing to a 2.28 per cent rise.

One Australian dollar is buying 66.69 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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