Volatility sets tone for mixed session: Aus shares trading 0.1% lower at noon

Market Reports

by Michael Luu

The Australian sharemarket advanced at the open to notch an all-time intraday high of 7203, breaking into the 7200s region for the first time ever. The optimistic start however did not set the tone for the market’s broad-based movements, as the ASX200 fluctuated up and down in morning trade.

Volatility also defined the session for BHP (ASX:BHP) and Commonwealth Bank (ASX:CBA), as the firms clawed back early gains to descend into the sell zone. All of the big four banks were tracking in negative territory.

Commodity-focused stocks painted a mixed picture, as the oil price contradicted a hike in gold prices. Energy stocks were the biggest laggards on the broad market, as shares in Origin (ASX:ORG) and AGL (ASX:AGL) shed almost 2 per cent and 1.1 per cent by midday.

At noon, the S&P/ASX 200 is 0.11 per cent or 8.10 points lower at 7171.40. The SPI futures are pointing to a rise of 1 point.

Best and worst performers

The best performing sector is Health Care, up 0.85 per cent. The worst performing sector is Energy, down 1.58 per cent.

The best-performing stock in the S&P/ASX 200 is Resolute Mining (ASX:RSG), trading 5.13 per cent higher at $0.61. It is followed by shares in Domino Pizza Enterprises (ASX:DMP) and Costa Group Holdings (ASX:CGC).

The worst-performing stock in the S&P/ASX 200 is Nuix (ASX:NXL), trading 18.40 per cent lower at $2.75. It is followed by shares in Link Administration Holdings (ASX:LNK) and Pendal Group (ASX:PDL).

Commodities and the dollar

Gold is trading at US$1907.99 an ounce.
Iron ore is 0.4 per cent higher at US$190.51 a ton.
Iron ore futures are pointing to a rise of 4.85 per cent.
One Australian dollar is buying 77.23 US cents.

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