Text-only (non-video) report.
The Australian sharemarket opened on a high note and seesawed in positive territory, as the mining sector’s losses and banks’ surges battled it out for dominance over broader market movement in opening trade. However, it was optimistic inflation data that took the spotlight to charge the market up 0.5 per cent by lunchtime.
Mining heavyweights BHP (ASX:BHP)
, Rio Tinto (ASX:RIO)
and Fortescue Metals (AX:FMG) defied expectations and lost steam, albeit the iron price continued to reset records to notch an all-time high of $US195.31.
Another drag on the market has been JB Hifi’s chief executive departure, dipping the company’s shares by 3.8 per cent by lunchtime
At noon, the S&P/ASX 200 is 0.47 per cent or 33.40 points higher at 7067.20.
The SPI futures are pointing to a rise of 44 points.Economic news
The ABS has revealed a 0.6 per cent increase in the consumer price index in March, which is 0.3 per cent below consensus predictions and the weakest rise in 9 months.
The new data suggesting weaker-than-expected inflation has downgraded Bloomberg’s guidance for the annual increase by 0.3 per cent.
The news has calmed nerves over an inflationary combustion for investors.Best and worst performers
The best-performing sector is Real Estate Investment Trusts, up 1.85 per cent.
The best-performing stock in the S&P/ASX 200 is Downer EDI (ASX:DOW)
, trading 5.45 per cent higher at $5.61. It is followed by shares in Mirvac Group (ASX:MGR)
and Kogan.com (ASX:KGN)
The worst-performing stock in the S&P/ASX 200 is St Barbara (ASX:SBM)
, trading 8.99 per cent lower at $1.85. It is followed by shares in Ramelius Resources (ASX:RMS)
and Mesoblast (ASX:MSB)
.Commodities and the dollar
Gold is trading at US$1770.22 an ounce.
Iron ore is 0.90 per cent higher at US$195.31 a ton.
Iron ore futures are pointing to a fall of 1.50 per cent.
One Australian dollar is buying 77.37 US cents.