ASX dips, RBA trims Dec GDP to 4%: Aus shares 0.5% lower at noon

Market Reports

by Lauren Evans

The Australian share market bounced around this morning. At noon, ASX is 0.5 per cent or 3.4 points lower at 7507.7. The SPI futures are pointing to a fall of 5 points.

The big miners are weighing on the index after iron ore prices tumbled overnight. Communication Services are also lower, while Banks, Afterpay and Zip Co are rising. 

Mining giant BHP (ASX:BHP) is trading 2.4 per cent lower, and Rio Tinto (ASX:RIO) and Fortescue Metals (ASX:FMG) are both down 1.8 per cent. 

Buy now pay later star Afterpay is in the black after a big week with Square. The company is up 5.1 per cent higher at $131.68. Zip Co (ASX:Z1P) is up 2.6 per cent. 

Onto banks, Commonwealth (ASX:CBA) is up 1 per cent, Westpac (ASX:WBC) is up 0.3 per cent, ANZ (ASX:ANZ) is up 0.5 per cent and NAB (ASX:NAB) is up 0.2 per cent.

In headlines, property advertiser REA Group (ASX:REA) is down 4.8 per cent despite a strong performance in its FY21 results.

Domain Holdings (ASX:DHG) are trading 5.6 per cent lower as the worst-performing stock. 

Local economic news

RBA has released the August's Statement on Monetary Policy and trimmed its forecast for GDP growth this year to 4 per cent from 4.75 per cent. 

Company news 

Global digital property advertiser REA Group (ASX:REA), reports a strong performance for the period ending 30 Jun 2021 (FY21).

Global medical equipment company ResMed (ASX:RMD), records revenue of $876.1 million for its quarter ending 30 Jun 2021 (Q4, FY21).

Global media broadcaster News Corporation (ASX:NWS), posts revenue of $9.36 billion for the period ending 30 Jun 2021 (FY21).

Best and worst performers

The best-performing sector is Information Technology, up 1.92 per cent. The worst-performing sector is Materials, down 1.25 per cent.

IPO 

Gold 50 (ASX:G50) started trading today. Shares were issued at 25 cents, opened at 22 cents and are now trading at 22.5 cents.

The best-performing stock in the S&P/ASX 200 is Afterpay (ASX:APT), trading 5.1 per cent higher at $131.68. It is followed by shares in Kogan.com (ASX:KGN) and Unibail-Rodamco-Westfield (ASX:URW).

The worst-performing stock in the S&P/ASX 200 is Domain Holdings Australia (ASX:DHG), trading 5.6 per cent lower at $4.59. It is followed by shares in REA Group (ASX:REA) and Champion Iron (ASX:CIA).

Commodities and the dollar

Gold is trading at US$1801.37 an ounce.
Iron ore is 6.6 per cent lower at US$171.55 a ton.
Iron ore futures are pointing to a fall of 1.3 per cent.
One Australian dollar is buying 73.87 US cents.

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