ASX dips 0.05%: Mining stocks lift

Market Reports

by Peter Milios

Shares on the S&P/ASX 200 dipped 0.05%, primarily driven by a decline in retail and consumer stocks despite gains in the mining sector. Meanwhile, on Wall Street, the S&P 500 reached a new high, with the Nasdaq also closing at a record level ahead of Nvidia's quarterly results. In London, attention is focused on BHP's bid for Anglo American, facing a May 22 bid deadline, while on the ASX, Telstra's sharp decline and AP Eagers' warning on consumer demand for new cars were notable movements.


The Dow Jones futures are pointing to a fall of 24 points.

The S&P 500 futures are pointing to a fall of 2.5 points.

The Nasdaq futures are pointing to a rise of 4.25 points.

The SPI futures are down 8 points.

Best and worst performers

The best-performing sector was Utilities, up 0.90 per cent. The worst-performing sector was Communication Services, down 2.54 per cent.

The best-performing large cap was Technology One (ASX:TNE), closing 6.63 per cent higher at $17.86. It was followed by shares in GQG Partners (ASX:GQG) and Alumina (ASX:AWC).

The worst-performing large cap was Telstra Group (ASX:TLS), closing 4.20 per cent lower at $3.42. It was followed by shares in Paladin Energy (ASX:PDN) and IGO (ASX:IGO).

Asian markets

Japan's Nikkei has lost 0.85 per cent.

Hong Kong's Hang Seng has lost 0.02 per cent.

China's Shanghai Composite has gained 0.22 per cent.

Commodities and the dollar

Gold is trading at US$2,419.20 an ounce.

Iron ore is 1.9 per cent higher at US$120.70 a tonne.

Iron ore futures are pointing to a 2.73 per cent rise.

Light crude is trading $0.20 lower at US$79.06 a barrel.

One Australian dollar is buying 66.62 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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