ASX down 0.57% near noon: Best-performing sector is Industrials




Australian shares have declined, mirroring the weakness in New York amidst diminishing risk appetite due to concerns surrounding the trajectory of interest rates, with the S&P/ASX 200 down 0.57 per cent at 7,621.80 at 11:30am, marking a continuation of its three-week lows and a cumulative fall of over 2.5 per cent in the last five sessions. This downturn echoes the losses observed on Wall Street, where the Dow Jones decreased by 1.1 per cent, the S&P 500 by 0.7 per cent, and the Nasdaq by 0.6 per cent.

The SPI futures are pointing to a fall of 49 points.

Best and worst performers

The best-performing sector is Industrials, up 0.21 per cent. The worst-performing sector is Materials, down 1.61 per cent.

The best-performing large cap is Qantas Airways (ASX:QAN), trading 1.95 per cent higher at $6.025. It is followed by shares in Pro Medicus (ASX:PME) and ALS (ASX:ALQ).

The worst-performing large cap is IGO (ASX:IGO), trading 3.15 per cent lower at $7.07. It is followed by shares in Pilbara Minerals (ASX:PLS) and Fortescue (ASX:FMG).

Commodities and the dollar

Gold is trading at US$2361.00 an ounce.

Iron ore is 0.8 per cent higher at US$118.75 a tonne.

Iron ore futures are pointing to a 0.3 per cent fall.

One Australian dollar is buying 66.14 US cents.


Name 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.