ASX down 0.52% as Energy stocks fall

By Peter Milios | More Articles by Peter Milios

The S&P/ASX 200 is 0.52 per cent lower at 7,036.40.

Aus. energy stocks are trading in the red due to the postponement of an OPEC meeting to later next week, dampening hopes of the cartel tightening its supplies. 

The SPI futures are pointing to a fall of 37 points.

Best and worst performers

The best-performing sector is Communication Services, up 0.15 per cent. The worst-performing sector is Materials, down 0.89 per cent.

The best-performing large cap is Whitehaven Coal (ASX:WHC), trading 1.36 per cent higher at $7.085. It is followed by shares in TPG Telecom (ASX:TPG) and CAR Group (ASX:CAR).

The worst-performing large cap is South32 (ASX:S32), trading 2.78 per cent lower at $3.15. It is followed by shares in Mercury NZ (ASX:MCY) and Northern Star Resources (ASX:NST).

Asian news

Asia-Pacific markets are set for a lower open after Wall Street went into the Thanksgiving holiday with a broad based rally.

The country saw its business activity contract at a faster pace in November, according to flash estimates from Judo Bank. Australia’s composite purchasing managers index slid to 46.4, down from October’s 47.6.

South Korea’s Kospi gained 0.18%, on pace for a fourth straight day of gains, while the small-cap Kosdaq also advanced 0.16%.

Futures for Hong Kong’s Hang Seng index stood at 17,692, pointing to a weaker open compared with the HSI’s close of 17,734.6.

Japan’s markets are closed due to a public holiday.

Commodities and the dollar

Gold is trading at US$2012.30 an ounce.

Iron ore is 1.5 per cent higher at US$136.00 a tonne.

Iron ore futures are pointing to a 0.2 per cent fall.

One Australian dollar is buying 65.48 US cents.

About 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.

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