ASX down 0.36% near noon: Iron ore prices fall
PUBLISHED
2024-07-08
Content
At 11:35am, the S&P/ASX 200 is 0.36 per cent lower at 7,794.30, driven by a decline in iron ore prices. This drop was influenced by a 3 per cent fall in iron ore futures to $US110.25 a tonne amid concerns about Chinese demand and oversupply. Despite a strong performance on Wall Street, where the Nasdaq and S&P 500 hit record highs, Australian stocks were weighed down by the mining sector.
The SPI futures are pointing to a fall of 32 points.
Best and worst performers
The best-performing sector is Information Technology, up 0.47 per cent. The worst-performing sector is Energy, down 1.2 per cent.
The best-performing large cap is Evolution Mining (ASX:EVN), trading 2.34 per cent higher at $3.725. It is followed by shares in Pro Medicus (ASX:PME) and Newmont Corporation (ASX:NEM).
The worst-performing large cap is Mercury NZ (ASX:MCY), trading 3.06 per cent lower at $6.01. It is followed by shares in BlueScope Steel (ASX:BSL) and Fortescue (ASX:FMG).
Commodities and the dollar
Gold is trading at US$2396.30 an ounce.
Iron ore is 3.1 per cent lower at US$110.50 a tonne.
Iron ore futures are pointing to a 0.8 per cent fall.
One Australian dollar is buying 67.48 US cents.
Author
| 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. |