ASX up 0.5% near noon following expectations of rate cuts in US

By Peter Milios | More Articles by Peter Milios

On Friday, Australian shares opened higher, mirroring a positive trend on Wall Street fueled by reinforced expectations of interest rate cuts in the US. The S&P/ASX 200 increased by 0.4%, reaching 7749.2 points, with the All Ords also rising by the same percentage. Among the 11 sectors, eight showed gains, with communications and energy leading, while the tech sector experienced the most significant decline, notably impacted by a 9% drop in Life360 following the affirmation of earnings loss guidance for 2024.

At 11:30am, the S&P/ASX 200 is 0.5 per cent higher at 7,759.50.

The SPI futures are pointing to a rise of 43 points.

Best and worst performers

The best-performing sector is Energy, up 1.59 per cent. The worst-performing sector is Information Technology, down 0.35 per cent.

The best-performing large cap is Lynas Rare Earths (ASX:LYC), trading 2.63 per cent higher at $6.835. It is followed by shares in Newmont Corporation (ASX:NEM) and REA Group (ASX:REA).

The worst-performing large cap is Mercury NZ (ASX:MCY), trading 1.67 per cent lower at $5.88. It is followed by shares in QBE Insurance Group (ASX:QBE) and Pro Medicus (ASX:PME).

Commodities and the dollar

Gold is trading at US$2361.30 an ounce.

Iron ore is 0.8 per cent higher at US$116.25 a tonne.

Iron ore futures are pointing to a 0.11 per cent rise.

One Australian dollar is buying 66.12 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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