ASX down 0.27% near noon: Interest rate sensitive stocks decline

By Peter Milios | More Articles by Peter Milios

Australian shares opened slightly lower as investors awaited the federal budget and US inflation data, mirroring subdued Wall Street performance. Interest rate-sensitive sectors like tech and real estate declined by 0.5 per cent, with the budget projecting a $9.3 billion surplus for the current financial year but anticipating larger-than-expected deficits thereafter.

At 11:30am, the S&P/ASX 200 is 0.27 per cent lower at 7,729.20.

The SPI futures are pointing to a fall of 15 points.

Best and worst performers

The best-performing sector is Health Care, up 0.5 per cent. The worst-performing sector is Consumer Staples, down 0.85 per cent.

The best-performing large cap is Ramsay Health Care (ASX:RHC), trading 1.77 per cent higher at $51.69. It is followed by shares in ALS (ASX:ALQ) and Sonic Healthcare (ASX:SHL).

The worst-performing large cap is Treasury Wine Estates (ASX:TWE), trading 2.3 per cent lower at $11.49. It is followed by shares in Seven Group Holdings (ASX:SVW) and Mercury NZ (ASX:MCY).

Commodities and the dollar

Gold is trading at US$2344.30 an ounce.

Iron ore is 0.6 per cent higher at US$117.25 a tonne.

Iron ore futures are pointing to a 0.22 per cent rise.

One Australian dollar is buying 66.00 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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