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Tech Sector Large Caps lead market lower: ASX down 0.04%

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2023-09-11

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The ASX/S&P 200 is 0.04 per cent, lower to 7153.6 at midday. 

Driving the weakness in the Australian market is Tech sector large-caps WiseTech and Xero, with both down more than 1 per cent in early trade.

Scrap metal recycler Sims is among the worst performing, down 10.8 per cent. The company is now forecasting earnings to break even in the first quarter of FY24, due to ongoing scrap price and demand issues.

Most Asia-Pacific markets were softer to start the week with markets looking to key economic data from the major economies scheduled for release later in the week.

On Tuesday, India will release its inflation and industrial output figures for August, while China will announce its industrial output, retail sales, and most notably, house sale prices on Friday.

Futures

The SPI futures are pointing to a rise of 1 point.

Best and worst performers

The best-performing sector is Financials, up 0.89 per cent. The worst-performing sector is Information Technology, down 1.8 per cent.

The best-performing stock in the S&P/ASX 200 is Syrah Resources (ASX:SYR), trading 9.65 per cent higher at $0.63. It is followed by shares in Magellan Financial Group (ASX:MFG) and Bank of Queensland (ASX:BOQ).

The worst-performing stock in the S&P/ASX 200 is Sims Limited (ASX:SGM), trading 10.5 per cent lower at $13.80. It is followed by shares in Megaport Limited (ASX:MP1) and Capricorn Metals (ASX:CMM).

Company news

Sunstone Metals (ASX: STM) have announced that the second hole at the T3 porphyry target within its El Palmar project in Northern Ecuador has intersected strong gold-copper mineralisation.

Atturra Limited (ASX: ATA) has announced it has entered into a binding scheme of arrangement to acquire 100% of leading managed services and IT solutions provider Cirrus Networks (ASX: CNW). The deal values Cirrus shares at 5.3¢ apiece, around a 30 per cent premium to their close on Friday.

ABx Group (ASX: ABX) has announced a 5 year agreement with Adelaide Brighton Cement for the supply of bauxite from ABx’s DL130 Bauxite Project. The first shipment is anticipated to be in Q1 2024.

Commodities and the dollar

Gold is trading at US$1946.20 an ounce.
Iron ore is 0.8 per cent lower at US$116.80 a tonne.
One Australian dollar is buying 64.06 US cents.
 

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