Materials & IT push back banking charge: ASX closes flat

Market Reports

by Michael Luu

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The broad market rally lost steam and decelerated after lunchtime. The ASX even momentarily descended into negative territory after 2pm and climbed back up to the green zone in the last hour of trade, lifted by gains in the big four banks. Miners were among the heaviest weights on the market, as BHP (ASX:BHP) and Rio Tinto (ASX:RIO) had shed 1.45 per cent and 0.9 per cent by 3.50pm. The tech sector also undermined gains by the Westpac-led banking charge, as Afterpay was tracking 3.2 per cent lower by the close of trade. 

At the closing bell, the S&P/ASX 200 was 0.04 per cent or 3.00 points higher at 7028.80.

Futures

The Dow Jones futures are pointing to a rise of 94.00 points.
The S&P 500 futures are pointing to a rise of 8.75 points.
The Nasdaq futures are pointing to a rise of 7.25 points.
The SPI futures are pointing to a rise of 3 points tomorrow morning.

Best and worst performers

The best-performing sector was Financials, up 1.42 per cent. The worst-performing sector was Information Technology, down 1.94 per cent.

The best-performing stock in the S&P/ASX 200 was Pointsbet Holdings (ASX:PBH), closing 5.59 per cent higher at $14.36. It was followed by shares in TPG Telecom (ASX:TPG) and Westpac Banking Corporation (ASX:WBC).

The worst-performing stock in the S&P/ASX 200 was Omni Bridgeway (ASX:OBL), closing 5.60 per cent lower at $3.54. It was followed by shares in Credit Corp Group (ASX:CCP) and Eagers Automotive (ASX:APE).

Asian markets

Japan's Nikkei is closed due to Constitution Memorial Day.
Hong Kong's Hang Seng has lost 1.46%.
China's Shanghai Composite is closed due to Labor Day.

Commodities and the dollar

Gold is trading at US$1774.32 an ounce.

Light crude is trading $0.41 lower at US$60.62 a barrel.

One Australian dollar is buying 77.11 US cents.

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