ASX down 0.27% near noon: Interest rate sensitive stocks decline

Market Reports

by Peter Milios

Australian shares opened slightly lower as investors awaited the federal budget and US inflation data, mirroring subdued Wall Street performance. Interest rate-sensitive sectors like tech and real estate declined by 0.5 per cent, with the budget projecting a $9.3 billion surplus for the current financial year but anticipating larger-than-expected deficits thereafter.

At 11:30am, the S&P/ASX 200 is 0.27 per cent lower at 7,729.20.

The SPI futures are pointing to a fall of 15 points.

Best and worst performers

The best-performing sector is Health Care, up 0.5 per cent. The worst-performing sector is Consumer Staples, down 0.85 per cent.

The best-performing large cap is Ramsay Health Care (ASX:RHC), trading 1.77 per cent higher at $51.69. It is followed by shares in ALS (ASX:ALQ) and Sonic Healthcare (ASX:SHL).

The worst-performing large cap is Treasury Wine Estates (ASX:TWE), trading 2.3 per cent lower at $11.49. It is followed by shares in Seven Group Holdings (ASX:SVW) and Mercury NZ (ASX:MCY).

Commodities and the dollar

Gold is trading at US$2344.30 an ounce.

Iron ore is 0.6 per cent higher at US$117.25 a tonne.

Iron ore futures are pointing to a 0.22 per cent rise.

One Australian dollar is buying 66.00 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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