ASX continues slide in afternoon trading

Market Reports

by Manny Anton

The ASX continued its slide in afternoon trading, led lower by the interest rate sensitive sectors Property and Tech.

Property closed down 3.3 per cent and Tech closed down 3.95 per cent as names like Xero (ASX:XRO) and Wisetech (ASX:WTC) tumbled as much as 5.69 per cent.

Energy was among the best performers, hovering around flat at the close. Oil traded as high as US$89/barrel as investors remain nervous about Middle East geopolitical tensions. Gold also rose to a new peak of around US$2288/ounce.

In company news, Westgold (ASX:WGX) finished the day down 14.8 per cent after it revised down its FY 2024 production guidance to 220,000 to 230,000 ounces at an all-in sustaining cost of $2100 to $2300. 

At the closing bell, the S&P/ASX 200 was 1.34 per cent lower at 7,782.50.


The Dow Jones futures are pointing to a fall of 58 points.
The S&P 500 futures are pointing to a fall of 7.25 points.
The Nasdaq futures are pointing to a fall of 34 points.
The SPI futures are down 109 points.

Best and worst performers

The best-performing sector was Utilities, up 0.16 per cent. The worst-performing sector was Information Technology, down 3.95 per cent.

The best-performing large cap was Suncorp Group (ASX:SUN), closing 0.99 per cent higher at $16.35. It was followed by shares in Yancoal Australia (ASX:YAL) and QBE Insurance Group (ASX:QBE).

The worst-performing large cap was Xero (ASX:XRO), closing 5.69 per cent lower at $125.01. It was followed by shares in WiseTech Global (ASX:WTC) and REA Group (ASX:REA).

Asian markets

Japan's Nikkei has lost 0.71 per cent.
Hong Kong's Hang Seng has lost 0.96 per cent.
China's Shanghai Composite has lost 0.95 per cent.

Commodities and the dollar

Gold is trading at US$2,303.50 an ounce.
Iron ore is 0.2 per cent lower at US$102.25 a tonne.
Iron ore futures are pointing to a 0.5 per cent fall.
Light crude is trading flat at US$85.15 a barrel.
One Australian dollar is buying 65.10 US cents.

Manny Anton

Sequoia Financial Group
Manny has over 30 years’ experience in financial markets, banking and corporate advisory. He previously worked at UBS, Credit Suisse and RBC, covering equities and equity derivatives, both domestically and internationally, based in London, Hong Kong and Sydney. Manny has also worked with corporates in IR and development in the energy and resources sectors.

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