ASX down 0.57% near noon: ResMed suffers significant losses

Market Reports

by Peter Milios

Shares on Australia's S&P/ASX 200 Index declined at the opening bell due to concerns over potential inflation acceleration prompting the Reserve Bank to consider raising interest rates, contrasting global easing trends. Healthcare stocks, notably ResMed, suffered significant losses following disappointing trial results. Additionally, weakened commodity prices, including a decline in Singapore iron ore futures, impacted mining shares like BHP.

At 11:30am, the S&P/ASX 200 is 0.57 per cent lower at 7,751.20.

The SPI futures are pointing to a fall of 46 points.

Best and worst performers

The best-performing sector is Information Technology, up 0.58 per cent. The worst-performing sector is Consumer Discretionary, down 2.26 per cent.

The best-performing large cap is Qube Holdings (ASX:QUB), trading 1.98 per cent higher at $3.60. It is followed by shares in Meridian Energy (ASX:MEZ) and Cleanaway Waste Management (ASX:CWY).

The worst-performing large cap is ResMed (ASX:RMD), trading 12.98 per cent lower at $27.81. It is followed by shares in Wesfarmers (ASX:WES) and Evolution Mining (ASX:EVN).

Commodities and the dollar

Gold is trading at US$2335.50 an ounce.

Iron ore is 1.5 per cent lower at US$105.10 a tonne.

Iron ore futures are pointing to a 2.1 per cent fall.

One Australian dollar is buying 66.32 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.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?