ASX up 0.07% at noon as Tech trails behind
Australian shares are currently trading higher, with strong gains in mining stocks and utilities helping offset a fall in tech stocks following results from chipmaker Nvidia.
The S&P/ASX 200 is 0.07 per cent higher at 7,083.20.
Tech stocks are 1.3 per cent lower despite Nvidia’s results soaring past analyst expectations. The Nasdaq-listed stock has fluctuated in after-hours trade. It appears the company’s Q4 growth outlook failed to meet the lofty expectations of investors betting on the AI boom.
The SPI futures are pointing to a rise of 2 points.
Best and worst performers
The best-performing sector is Materials, up 0.47 per cent. The worst-performing sector is Information Technology, down 1.27 per cent.
The best-performing large cap is Newmont Corporation (ASX:NEM), trading 2.32 per cent higher at $57.33. It is followed by shares in Infratil (ASX:IFT) and Suncorp Group (ASX:SUN).
The worst-performing large cap is Allkem (ASX:AKE), trading 4.41 per cent lower at $8.88. It is followed by shares in Mercury NZ (ASX:MCY) and Medibank Private (ASX:MPL).
Asia-Pacific markets dipped after minutes from the U.S. Federal Reserve’s Oct. 31 meeting revealed that policy officials maintained that monetary policy had to be restrictive and had little appetite for rate cuts.
“In discussing the policy outlook, participants continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the Committee’s 2 percent objective over time,” the minutes said. The federal funds rate currently stands at 5.25%-5.5%.
Japan’s Nikkei 225 opened 0.12% up, while the Topix added 0.20%.
South Korea’s Kospi fell 0.56% by open, while the Kosdaq dipped 0.11%
Futures for Hong Kong’s Hang Seng index stood at 17,702 following a volatile trading session on Tuesday, pointing to a weaker open compared with the HSI’s close of 17,733.89.
Helix Resources (ASX:HLX) announced that a 15,000 to 25,000 metre drill campaign is taking shape as ‘essential’ to test the best of fifty copper targets being defined in the Western Group Tenements. In response, Helix’s Chair, Mike Rosenstreich commented: “We are now seeing a surge of data and ‘target-insights’ coming through and it’s becoming pretty clear that we need to focus on a major drilling program next year – likely to start late in the March quarter.” Shares are trading flat at 0.4 cents.
4DMedical (ASX:4DX) has signed agreements to deliver XV LVAS® scans at imaging facilities located in the Detroit and Memphis communities. In response, 4DMedical MD/CEO and Founder Andreas Fouras said, “I am thrilled to see imaging facilities being brought online to serve patients in the communities of Detroit and Memphis. Not all patients needing scans want to visit a hospital environment for a lung assessment, and we are pleased to grow these options in the U.S., in parallel with expanding our traditional hospital providers.” Shares are trading 26.87 per cent higher at 85 cents.
Westar Resources (ASX:WSR) announced that drilling has commenced at its Olga Rocks Project located in Western Australia, to test the reinterpretation for potential pegmatite-hosted lithium and also target a prospective horizon for high grade gold mineralisation that is largely underexplored. In response, Westar Executive Director Lindsay Franker commented, “We are excited to test the reinterpretation for the discovery of lithium-bearing pegmatites in such close proximity to Zenith Mineral’s recently announced Rio lithium Mineral Resource.” Shares are trading 10.53 per cent higher at 2.1 cents.
Commodities and the dollar
Gold is trading at US$2021.10 an ounce.
Iron ore is 1.6 per cent higher at US$133.95 a tonne.
Iron ore futures are pointing to a 0.86 per cent rise.
One Australian dollar is buying 65.56 US cents.
|Finance News Network