ASX rises 0.82% at near noon as it recovers from recent sell-offs

Market Reports

by Peter Milios

The Australian sharemarket has risen in June, continuing its recovery from recent sell-offs, with a 0.82 per cent rise at 11:30am following modest gains on Wall Street. This follows a 1 per cent jump on Friday, driven by traders unwinding earlier sell-offs prompted by concerns over inflation and potential Reserve Bank interest rate hikes.

The SPI futures are pointing to a rise of 67 points.

Best and worst performers

The best-performing sector is Energy, up 1.56 per cent. The worst-performing sector is Information Technology, down 0.31 per cent.

The best-performing large cap is Amcor plc (ASX:AMC), trading 3.13 per cent higher at $15.31. It is followed by shares in Whitehaven Coal (ASX:WHC) and BlueScope Steel (ASX:BSL).

The worst-performing large cap is REA Group (ASX:REA), trading 1.94 per cent lower at $183.08. It is followed by shares in Reece (ASX:REH) and Meridian Energy (ASX:MEZ).

Commodities and the dollar

Gold is trading at US$2350.70 an ounce.
Iron ore is 0.1 per cent higher at US$115.25 a tonne.
Iron ore futures are pointing to a 1.1 per cent fall.
One Australian dollar is buying 66.61 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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