Late drama ends with green as victor: Aus shares close 0.1% higher

Market Reports

by Michael Luu

The ASX200 decelerated its advance and slipped from its record intraday high of 7406 after lunchtime, before seesawing between the buy and sell zones in the last hour of trade. Despite the late drama, green prevailed as the dominant colour of the day, as the Australian benchmark conquered a new closing height.

Most of the sectors were in bullish mode, as energy, utilities and financials cancelled out the downward pressure from losses by infotech and materials.

Banking stocks joined forces with energy stocks to form a resistance front against the broader decline, as all of the big four banks wrapped up trade in positive territory.

Mining stocks were the biggest drags on the market in midweek, as BHP (ASX:BHP) and Rio Tinto (ASX:RIO) dipped 1.5 per cent and 0.5 per cent by the close of business.

At the closing bell, the S&P/ASX 200 was 0.1 per cent or 6.70 points higher at 7386.20. 

Economic news

The Australian Fair Work Commission has lifted the minimum wage floor by nearly $20 to $772 per week, representing an hourly rate of $20.33. The independent employment regulator has justified this decision with improved financial conditions driven by a strong economic recovery from the pandemic. 

Futures

The Dow Jones futures are pointing to a fall of 21.00 points.
The S&P 500 futures are pointing to a rise of 0.75 points.
The Nasdaq futures are pointing to a rise of 16.75 points.
The SPI futures are pointing to a fall of 2 points when the market next opens.  

Best and worst performers

The best-performing sector was Energy, up 1.5 per cent. The worst-performing sector was Materials, down 1.6 per cent.  

The best-performing stock in the S&P/ASX 200 was Pro Medicus (ASX:MPME), closing 3.62 per cent higher at $53.22. It was followed by shares in Ingenia Communities Group(ASX:INA) and Costa Group Holdings (ASX:CGC).  

The worst-performing stock in the S&P/ASX 200 was OZ Minerals (ASX:OZL), closing 6.7 per cent lower at $23.85. It was followed by shares in Nuix (ASX:NXL) and Clinuvel Pharmaceuticals (ASX:CUV).  

Asian markets

Japan's Nikkei has lost 0.51%.
Hong Kong's Hang Seng has lost 0.38%.
China's Shanghai Composite has lost 0.90%.  

Commodities and the dollar

Gold is trading at US$1861.21 an ounce.
Light crude is trading at US$68.30 a barrel.
One Australian dollar is buying 76.92 US cents.


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