ASX up 0.49% at near noon following three-day sell-off

Market Reports

by Peter Milios

At 11:30am, the S&P/ASX 200 is 0.49 per cent higher at 7,665.70, following a three-day sell-off, driven by broad buying spurred by slightly elevated April inflation data. Meanwhile, in New York, tech stocks declined as US consumer spending slowed, with Salesforce shares dropping 20% on a bleak outlook, while the focus for global markets shifts to the forthcoming release of US personal income, spending, and price reports.

The SPI futures are pointing to a rise of 32 points.

Best and worst performers

The best-performing sector is Health Care, up 1.09 per cent. The worse-performing sector is REITs, down 0.44 per cent.

The best-performing large cap is Telix Pharmaceuticals (ASX:TLX), trading 10.74 per cent higher at $17.43. It is followed by shares in Alumina (ASX:AWC) and Northern Star Resources (ASX:NST).

The worst-performing large cap is EBOS Group (ASX:EBO), trading 2.02 per cent lower at $31.98. It is followed by shares in Fortescue (ASX:FMG) and Xero (ASX:XRO).

Commodities and the dollar

Gold is trading at US$2366.40 an ounce.

Iron ore is 3.0 per cent lower at US$115.15 a tonne.

Iron ore futures are pointing to a 1.4 per cent fall.

One Australian dollar is buying 66.36 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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