ASX falls 1.26% at near noon: All sectors in red

By Peter Milios | More Articles by Peter Milios

Australian shares declined sharply following stronger-than-expected US retail sales data, dampening hopes for interest rate cuts and triggering a 1.26 per cent drop to the S&P/ASX 200, marking the third consecutive session of losses. The decline was widespread, with all 11 sectors in the red, notably affecting energy stocks and leading to significant losses for major companies like The Star Entertainment, Commonwealth Bank, and mining giants Rio Tinto and BHP. Meanwhile, amidst the market downturn, some companies saw gains, such as IDT Australia, which secured a contract with Sanofi, while the Australian dollar hit a five-month low against the US dollar, reflecting market sentiment.

The SPI futures are pointing to a fall of 110 points.

Best and worst performers

All sectors are in the red. The sector with the fewest losses is Telcos, down 0.78 per cent. The worst-performing sector is REIT, down 1.9 per cent.

The best-performing large cap is Lynas Rare Earths (ASX:LYC), trading 1.46 per cent higher at $6.24. It is followed by shares in Mercury NZ (ASX:MCY) and Argo Investments (ASX:ARG).

The worst-performing large cap is South32 (ASX:S32), trading 3.49 per cent lower at $3.32. It is followed by shares in IGO (ASX:IGO) and Harvey Norman Holdings (ASX:HVN).

Commodities and the dollar

Gold is trading at US$2399.60 an ounce.

Iron ore is 0.9 per cent higher at US$113.05 a tonne.

Iron ore futures are pointing to a 0.29 per cent rise.

One Australian dollar is buying 64.12 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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