Healthcare and materials play tug of war: Aus shares tracking 0.1% higher at noon

Market Reports

by Michael Luu

The ASX 200 opened on a weak note and promptly bounced back, as the Australian benchmark fluctuated between the green and red zones throughout the morning. The session was characterised with a tug of war between Health Care and Materials. The sectors engaged in a game of two halves, as half of them are in the green while the others went the other way.

Falling iron ore prices over the weekend set the the mood for Australian mining stocks, as BHP, Rio Tinto and Fortescue Metals all dipped by lunchtime. Gains in healthcare offset broader losses and kept the Australian sharemarket in positive territory.

All the big four banks gained ground by midday, as Commonwealth backflipped from earlier losses.

At noon, the S&P/ASX 200 is 0.09 per cent or 6.40 points higher at 7036.70.
 
The SPI futures are pointing to a rise of 4 points.
 
Best and worst performers
 
The best-performing sector is Health Care, up 1.09 per cent. The worst-performing sector is Materials, down 0.76 per cent.
 
The best-performing stock in the S&P/ASX 200 is Kogan.Com (ASX:KGN), trading 10.23 per cent higher at $9.59. It is followed by shares in Corporate Travel Management (ASX:CTD) and Nuix (ASX:NXL).
 
The worst-performing stock in the S&P/ASX 200 is EML Payments (ASX:EML), trading 5.34 per cent lower at $3.19. It is followed by shares in AMP (ASX:AMP) and OZ Minerals (ASX:OZL).
 
Commodities and the dollar

Gold is trading at US$1886.82 an ounce.
Iron ore is 5.30 per cent lower at US$200.72 a ton.
Iron ore futures are pointing to a fall of 6.30 per cent.
One Australian dollar is buying 77.24 US cents.