ASX up 0.04%: Materials is best performing sector

Market Reports

by Peter Milios

Australian shares saw an extension of gains during the opening session, buoyed by the S&P 500 achieving its third consecutive record high. This development coincided with mixed quarterly reports preceding the "Magnificent 7" group of megacap companies. The S&P/ASX 200 is 0.04 per cent higher at 7,576.60. Notably, only four out of the eleven sectors displayed positive performance, as gains in miners and energy companies offset losses in the tech and healthcare sectors.

The SPI futures are pointing to a fall of 3 points.

Best and worst performers

The best-performing sector is Materials, up 1.4 per cent. The worst-performing sector is Information Technology, down 1.51 per cent.

The best-performing large cap is Pilbara Minerals (ASX:PLS), trading 7.03 per cent higher at $3.50. It is followed by shares in Northern Star Resources (ASX:NST) and IGO (ASX:IGO).

The worst-performing large cap is WiseTech Global (ASX:WTC), trading 2.72 per cent lower at $74.33. It is followed by shares in IDP Education (ASX:IEL) and Treasury Wine Estates (ASX:TWE).

Commodities and the dollar

Gold is trading at US$2048.90 an ounce.

Iron ore is 2.2 per cent higher at US$132.35 a tonne.

Iron ore futures are pointing to a 0.77 per cent rise.

One Australian dollar is buying 65.82 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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