Gold rally wrestles with energy losses: Aus shares tracking 0.3% lower at noon

Market Reports

by Michael Luu

The S&P/ASX 200 opened flat and zigzagged between the red and black in the morning trading session. Declines in banking heavyweights and energy producers put a strain on the market, as shares in Origin Energy (ASX:ORG) slid over 5.4 per cent by midday. Gains in the Tech sectors and gold miners countered these losses were not strong enough to push back the broader fall of the market.

China's National Bureau of Statistics has released data reflecting a year-on-year increase of 18.3% in GDP growth in the March quarter, signalling the world's second largest economy's recovery from the COVID-driven decline of 6.8 per cent last year. 

At noon, the S&P/ASX 200 is 0.26 per cent or 18.30 points lower at 7040.30.

Best and worst performers

The best-performing sector is Information Technology, up 0.35 per cent. The worst-performing sector is Energy, down 1.56 per cent.

The best-performing stock in the S&P/ASX 200 is Beach Energy (ASX:BPT) trading 5.07 per cent higher at $1.81, followed by Monadelphous Group (ASX:MND) and Perseus Mining (ASX:PRU).

The worst-performing stock in the S&P/ASX 200 is Origin Energy (ASX:ORG), trading 8.09 per cent lower at $4.32. It is followed by shares in Mineral Resources (ASX:MIN) and Whitehaven Coal (ASX:WHC).

Commodities and the dollar

Gold is trading at US$1763.07 an ounce.
Iron ore is 2.8 per cent higher at US$178.41 a ton.
Iron ore futures are pointing to a rise of 1.10 per cent.
One Australian dollar is buying 77.37 US cents.

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