ASX takes U-turn from record high: Aus shares close 0.3% lower

Market Reports

by Michael Luu

The ASX200 took a U-turn from reaching a record intraday high to slipping into the red, as the Australian benchmark index’s descent picked up pace after lunchtime. Retreats by the major banks and energy stocks reversed broad-based gains by gold miners.

All the big four banks wrapped up trading on a weak note, as Commonwealth (ASX:CBA) dropped below the $100 mark.

Gold miners put up the strongest resistance against the downward pressure, as Northern Star Resources (ASX:NST) and Newcrest Mining (ASX:NCT) both edged higher

The state of Victoria reported 11 new coronavirus locally-transmitted infections in the community. The pessimistic figure on pandemic conditions has prompted travel stocks to dive, as Qantas (ASX:QAN) and Corporate Travel Management (ASX:CTD) shed 2.1 per ent and 3.5 per cent respectively by the end of trade.

At the closing bell, the S&P/ASX 200 was 0.25 per cent or 17.90 points lower at 7161.60.

Futures

The Dow Jones futures are pointing to a rise of 27.00 points.
The S&P 500 futures are pointing to a rise of 3.75 points.
The Nasdaq futures are pointing to a rise of 11.50 points.
The SPI futures are pointing to a fall of 3 points when the market next opens.

Best and worst performers

The best-performing sector was Health Care, up 0.47 per cent. The worst-performing sector was Energy, down 1.59 per cent.

The best-performing stock in the S&P/ASX 200 was Resolute Mining (ASX:RSG), closing 4.27 per cent higher at $0.61. It was followed by shares in Perseus Mining (ASX:PRU) and Inghams Group (ASX:ING).

The worst-performing stock in the S&P/ASX 200 was Nuix (ASX:NXL), closing 17.80 per cent lower at $2.77. It was followed by shares in Link Administration Holdings (ASX:LNK) and Austal (ASX:ASB).

Asian markets

Japan's Nikkei has lost 0.99%.
Hong Kong's Hang Seng has lost 0.60%.
China's Shanghai Composite has gained 0.03%.

Commodities and the dollar

Gold is trading at US$1907.44 an ounce.
Iron ore is 0.40 per cent higher at US$190.51 a ton.
Iron ore futures are pointing to a rise of 6.37 per cent.
Light crude is trading $0.49 higher at US$64.40 a barrel.
One Australian dollar is buying 77.28 US cents.