IT & miners decelerate mining advance: Aus shares tracking 0.2% higher at noon

Market Reports

by Michael Luu

Text-only (non-video) report.

The ASX200 advanced after the opening bell, driven by a mining charge. Giant miners Rio Tinto (ASX:RIO) and BHP (ASX:BHP) continued to gain ground in the morning session, tracking 1.8 per cent and 1.6 per cent higher respectively by midday. Stateside declines in the tech sector were reflected in the Australian IT sector’s under-performance, as tech stocks such as Afterpay (ASX:APT) extended its weak form from yesterday’s session. The banking sector was also a decelerator for the broader rise.

At noon, the S&P/ASX 200 is 0.17 per cent or 12.10 points higher at 7040.90.

The SPI futures are pointing to a rise of 8 points or 0.1 per cent.

Best and worst performers

The best performing sector is Materials , rising 1.66 per cent, the worst performing sector is Information Technology, shedding 1.28 per cent.

The best-performing stock in the S&P/ASX 200 is Silver Lake Resource (ASX:SLR), trading 6.47 per cent higher at $1.81. It is followed by shares in Ramelius Resources (ASX:RMS) and Northern Star (ASX:NST).

The worst-performing stock in the S&P/ASX 200 is Megaport Limited (ASX:MP1), trading 4.27 per cent lower at $13.69. It is followed by shares in Flight Centre Travel (ASX:FLT) and NRW Holdings Limited (ASX:NWH).

Gold and the dollar

Gold is trading at US$1790.30 an ounce.
One Australian dollar is buying 77.44 US cents.

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