Big banks and miners drop: ASX remains underwater | Finance News Network

Big banks and miners drop: ASX remains underwater

Market Reports

by Rachael Jones

The Australian share market dropped like a stone at the open has remained underwater in the first two hours of trade with the property, energy and utility sectors leading the drag. It comes despite, the tech heavy Nasdaq on Wall Street hitting a record close.  The miners are also in the red after the iron ore price backtracked by 1 per cent to US$65.47, while its futures are pointing to a rise of 32 points. We are seeing the likes of BHP (ASX:BHP) and Rio (ASX:RIO) trade over 1 per cent lower.

The S&P/ASX 200 index is 21 points down or 0.45 per cent lower at 6004 . On the futures market the SPI is 17 points lower.

Economic news

The RBA will unveil their interest rate decision today at 2.30pm with the market expecting rates will remain on hold again at 1.5 per cent

Company news

A2 Milk (ASX:A2M) shares have seen a strong rally today after a global fund manager, BlackRock snapped up a major holding in the firm. BlackRock and its related bodies bought just over 5 per cent of the milk company’s shares. The stock slumped 13 per cent back in march to $10.54, down from a 12-month high of $13.17 hit in March. Shares in A2 Milk (ASX:A2M) are currently trading 4.99 per cent higher at $9.89.

AusQuest Limited (ASX:AQD) a company with a strategic alliance with South 32 (ASX:S32) who are providing funds for their early drilling stage has commenced their major diamond drill program in Peru. Two drill rigs are currently on site Chololo Porphyry Copper Project in southern Peru, with the first rig currently drilling and the second due to commence drilling shortly. The start of first Peru drill program marks the start of a busy six months for AusQuest. Shares in South 32 (ASX:S32) trading 1.68 per cent lower $3.81

Best and worst performers

The best performing sector is consumer staples adding 0.5 per cent to 10660 points while the worst performing sector is energy, shedding 1.3 per cent to 10988 points.

The best performing stock in the S&P/ASX 200 is A2 milk (ASX:A2M), rising 4.99 per cent to $9.89 , followed by shares in Wisetech Global (ASX:WTC) and Xero (ASX:XRO).

The worst performing stock in the S&P/ASX 200 is Retail Food Group (ASX:RFG), dropping 4.5per cent to $0.74, followed by shares in Pact Group Holdings (ASX:PGH) and Ramsey Health Care (ASX:RHC).

Asian markets 

Japan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng has lost 0.01 per cent and the Shanghai Composite has lost 0.09 per cent.

Commodities and the dollar

Gold is trading at $US1,293 an ounce.
One Australian dollar is buying 76.38 US cents.

Cryptocurrencies

Bitcoin has fallen 2.9 per cent to US$ 7492,
EOS shed 7 per cent to $1357
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.