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ASX up 0.04% near noon: Bitcoin reaches two-year high

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2024-03-05

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Moments after the market opened, Australian stocks edged downwards, following the trend set by Wall Street amid anticipation surrounding China's economic growth projections. Utilities saw the most significant decline, while materials, energy, and healthcare sectors showed resilience, remaining in positive territory. The surge in gold prices to a three-month peak helped offset losses for gold miners, contributing to the mixed performance observed in the market.

Bitcoin has reached a two-year high, nearing its all-time peak of $68,999.99, following a 50% surge this year, fueled by the approval of spot bitcoin exchange-traded funds by US regulators.

At 11:30am, the S&P/ASX 200 is 0.04 per cent higher at 7,738.70.

The SPI futures are pointing to a fall of 2 points.

Best and worst performers

The best-performing sector is Materials, up 1.1 per cent. The worst-performing sector is Utilities, down 1.28 per cent.

The best-performing large cap is Newmont Corporation (ASX:NEM), trading 4.85 per cent higher at $51.07. It is followed by shares in Evolution Mining (ASX:EVN) and Northern Star Resources (ASX:NST).

The worst-performing large cap is IGO (ASX:IGO), trading 5.21 per cent lower at $7.735. It is followed by shares in Pilbara Minerals (ASX:PLS) and Lynas Rare Earths (ASX:LYC).

Commodities and the dollar

Gold is trading at US$2123.40 an ounce.

Iron ore is 2.0 per cent higher at US$117.75 a tonne.

Iron ore futures are pointing to a 1.71 per cent rise.

One Australian dollar is buying 65.07 US cents.

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