Geopolitical & inflation concerns drag local markets lower

Market Reports

by Manny Anton

Interest rate sensitive Technology & IT stocks were the key drag on the local market as we approach midday. The IT sector was trading down close to 2 per cent.

Geopolitical tensions in the Middle East over the weekend also saw oil prices trade up which helped the oil sector trade up.

At 11:30am, the S&P/ASX 200 is 0.59 per cent lower at 7,742.10.

The SPI futures are pointing to a fall of 54 points.

Best and worst performers

The best-performing sector is Energy, up 0.17 per cent. The worst-performing sector is Information Technology, down 1.84 per cent.

The best-performing large cap is South32 (ASX:S32), trading 4.1 per cent higher at $3.425. It is followed by shares in Rio Tinto Group (ASX:RIO) and Endeavour Group (ASX:EDV).

The worst-performing large cap is NEXTDC (ASX:NXT), trading 3.95 per cent lower at $15.87. It is followed by shares in GQG Partners (ASX:GQG) and Meridian Energy (ASX:MEZ).

Commodities and the dollar

Gold is trading at US$2369.10 an ounce.
Iron ore is 3.1 per cent higher at US$112.00 a tonne.
Iron ore futures are pointing to a 0.96 per cent rise.
One Australian dollar is buying 64.77 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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