Telcos and REITs keep ASX above 7000: Aus shares trading 0.1% lower

Market Reports

by Michael Luu

The Australian sharemarket fell in opening trade and fluctuated between the red and black zones this morning. Declines in mining heavyweights compounded the pressure by losses in the tech and energy sectors on the broader market, as BHP Group (ASX:BHP) shed as much as 1.05 per cent by Midday.

Telcos are surging and partially offsetting the pull-back, on the back of TPG, Telstra and Optus securing deals to access super-fast 5G spectrum. Gains in Property stocks have also contributed to keeping the ASX above the 7000 mark. The rest of the sectors were all in negative territory by Midday.

At midday, the ASX200 is tracking 0.1 per cent lower at 7049, while its futures are pointing to a fall of 0.1 per cent

Best and worst performers

At noon, the best performing sector is Real Estate Investment Trusts, adding 0.4 per cent, while the worst performing sector is Consumer Staples, shedding 0.8 per cent

The best performing stock is Nuix (ASX:NXL) adding 6.1 per cent to $4.45, while the worst performing sector is Kogan (ASX:KGN) , shedding 11.6 per cent to $11.04