Iron miners limit losses: Aus shares trading 0.5% lower at noon

Market Reports

by Michael Luu

The Australian sharemarket extended yesterday’s losses at the open, despite a positive handover from US stocks. Banks were the heaviest weights on the broader market, as all big four banks retreated by lunchtime.

Materials’ rally minimised broad-based losses, following a rise in iron prices. The major miners of the steel-making ingredient soared, as BHP (ASX:BHP) and Rio Tinto (ASX:RIO) edged 0.2 per cent and 0.5 per cent higher respectively by midday

At noon, the S&P/ASX 200 is 0.51 per cent or 36.30 points lower at 7125.30.

The SPI futures are pointing to a fall of 38 points.

Economic News

The property market continued to experience robust activity, as strong home sales lifted housing prices by 2.2 per cent in May from the previous month’s pricing levels.

Best and worst performers

The best-performing sector is Energy, up 0.62 per cent. The worst-performing sector is Health Care, down 1.13 per cent.

The best-performing stock in the S&P/ASX 200 is The A2 Milk Company (ASX:A2M), trading 2.99 per cent higher at $5.69. It is followed by shares in ALS (ASX:ALQ) and Whitehaven Coal (ASX:WHC).

The worst-performing stock in the S&P/ASX 200 is Blackmores (ASX:BKL), trading 5.50 per cent lower at $67.01. It is followed by shares in Nearmap (ASX:NEA) and Adbri (ASX:ABC).

Commodities and the dollar

Gold is trading at US$1913.72 an ounce.
Iron ore is 4.4 per cent higher at US$198.83 a ton.
Iron ore futures are pointing to a rise of 4.77 per cent.
One Australian dollar is buying 77.67 US cents.  

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