ASX down 0.1% near noon: Energy is best performing sector

Market Reports

by Peter Milios

The ASX 200 is slightly down by 0.1% near midday, with losses in major banks like National Australia Bank and Commonwealth Bank offsetting gains in energy stocks due to stable oil prices amid concerns over Hurricane Beryl. The broader market remains subdued, contrasting with gains in New York and a rebound in French stocks following the latest parliamentary election results.

The SPI futures are pointing to a fall of 12 points.

Best and worst performers

The best-performing sector is Energy, up 1.6 per cent. The worst-performing sector is REITs, down 0.48 per cent.

The best-performing large cap is Whitehaven Coal (ASX:WHC), trading 3.69 per cent higher at $8.43. It is followed by shares in Woodside Energy Group (ASX:WDS) and Mercury NZ (ASX:MCY).

The worst-performing large cap is Pilbara Minerals (ASX:PLS), trading 1.95 per cent lower at $3.02. It is followed by shares in BlueScope Steel (ASX:BSL) and Reece (ASX:REH).

Commodities and the dollar

Gold is trading at US$2340.90 an ounce.

Iron ore is 3.1 per cent higher at US$110.05 a tonne.

Iron ore futures are pointing to a 1.38 per cent rise.

One Australian dollar is buying 66.49 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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