Financial stocks neutralise mining losses: Aus shares trading 0.1% higher at noon

Market Reports

by Michael Luu

The ASX200 rebounded from a subdued start back to gaining ways, as the Australian benchmark recouped earlier losses to charge back towards intraday record levels.

Gains by most blue-chips are the main thrusters for the market, as the big four banks, Wesfarmers, Woolworths and CSL were tracking higher by midday.

Commonwealth Bank (ASX:CBA) led the charge by financials, notching a record high of $102 at 11.35am.

Materials and Infotech were the morning session’s biggest under-performers, as BHP (ASX:BHP) and Rio Tinto (ASX:RIO) both sustained losses of over 2.2 per cent by lunchtime. Meanwhile, tech stocks followed stateside counterparts’ downward direction, as Wall Street’s tech-heavy Nasdaq dipped over 1 per cent overnight.

At noon, the S&P/ASX 200 is 0.08 per cent or 5.50 points higher at 7265.60.

The SPI futures are pointing to a rise of 9 points.

Best and worst performers

The best-performing sector is Health Care, up 1.30 per cent. The worst-performing sector is Materials, down 1.93 per cent.

The best-performing stock in the S&P/ASX 200 is ARB Corporation (ASX:ARB), trading 5.22 per cent higher at $44.56. It is followed by shares in Reliance Worldwide (ASX:RWC) and Challenger (ASX:CGF).

The worst-performing stock in the S&P/ASX 200 is Silver Lake Resources (ASX:SLR), trading 7.96 per cent lower at $1.74. It is followed by shares in Ramelius Resources (ASX:RMS) and Perseus Mining (ASX:PRU).

Commodities and the dollar

Gold is trading at US$1865.97 an ounce.
Iron ore is 0.90 per cent higher at US$210.99 a ton.
Iron ore futures are pointing to a fall of 2.70 per cent.
One Australian dollar is buying 76.59 US cents.