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Slight decline in the Australian market | Nasdaq

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(RTTNews) – The Australian share market slipped slightly on Wednesday, retreating from the previous session’s record close, with the S&P/ASX 200 index remaining overhead the 7400 level, following the broadly negative overnight signals from Wall Street. Traders await the release of Q2 inflation data in Australia later in the day, while they are concerned about the worsening domestic coronavirus situation in NSW.

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Economists expect hundreds of thousands of jobs to be lost over the next few months due to the Sydney lockdown. Australia is set to extend its COVID-19 lockdown by another four weeks in Sydney as unused cases remain lofty despite a month having passed under stringent stay-at-home orders, while Victoria and South Australia eased restrictions from Wednesday.

The benchmark S&P/ASX 200 lost 22.80 points, or 0.31 percent, to 7408.80, following hitting a low of 7407.40 earlier. And the broader All Ordinaries index fell 24.00 points, or 0.31 percent, to 7680.00. Australian shares closed slightly higher on Tuesday.

Among the major miners, BHP Group, Rio Tinto, OZ Minerals and Fortesco Metals are all losing nearly 1 percent each, while Mineral Resources is down nearly 2 percent.

BHP has won an offer by mining magnate Andrew Forrest to purchase Canada’s Noront Resources, while Rio Tinto has announced plans to build a lithium mine in Serbia. Both miners are accelerating their decline from fossil fuels.

Oil stocks mostly fell following crude oil prices fell overnight. Oil Search is up 0.4 percent, while Beach Energy and Woodside Petroleum are losing more than 1 percent each. The origin of the energy is flat. Santos is down nearly 1 percent.

In technology, WiseTech Global gains more than 3 percent and Xero adds nearly 2 percent, while Appen and Afterpay lose nearly 3 percent each.

Among the big four banks, Westpac, National Australia Bank and ANZ Banking all fell 0.3 percent each, while the Commonwealth Bank lost nearly 1 percent.

Among gold mining companies, Evolution Mining is gaining nearly 2 percent and Gold Road Resources is adding nearly 1 percent, while Resolute Mining is losing more than 1 percent and Northern Star Resources is down 0.5 percent. Newcrest Mining shares rose 0.1 percent.

In other news, shares in Spark Infrastructure are gaining nearly 6 percent following the energy company received a $2.95-per-share local takeover offer from a North American consortium, including the Ontario Teachers’ Retirement Council and KKR.

In the currency market, the Australian dollar is trading at $0.737 on Wednesday.

On Wall Street, stocks headed lower during Tuesday’s trading, retreating following closing higher for five successive sessions. Turning lower on the day, the major averages pulled back from the record closing highs set on Monday.

All major averages closed in negative territory, although the lofty-tech Nasdaq underperformed its corresponding segments by a wide margin. While the Nasdaq fell 180.14 points, or 1.2 percent, to 14,660.58, the Standard & Poor’s 500 index fell 20.84 points, or 0.5 percent, to 4,401.46 points, and the Dow Jones fell 85.79 points, or 0.2 percent, to 35,058.52.

Also, all major European markets turned bearish today. While the UK’s FTSE 100 fell 0.4 percent, the German DAX and France’s CAC 40 were down 0.6 percent and 0.7 percent, respectively.

The price of Crude Oil drifted lower on Tuesday following moving around the flat line for most of today’s session, as traders weigh demand expectations and look ahead to weekly inventory data. West Texas Intermediate crude futures for September were down $0.26, or 0.4 percent, at $71.65 a barrel.

The opinions and opinions expressed here are those of the author and do not necessarily reflect the views and opinions of Nasdaq, Inc.


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