A sell-off in iron ore miners is dragging the Australian sharemarket lower at the start of the week. The S&P/ASX 200 index is down 41 points, or 0.5%, at 7781.6 points as of 2pm.
Given the recent rally in Stanmore Resources Limited’s stock price, driven by the fire at Anglo American’s Grosvenor mine which significantly reduced global seaborne coking coal supply, we recommend taking profit on half of our position.
Equities closed at record highs Friday on bets that Federal Reserve rate cuts may soon be on the horizon after 100,000 jobs “disappeared” from April and Mays jobs numbers.
Australian shares edged down 0.1%, with mining and property stocks trimming recent gains. The healthcare sector outperformed, rising 0.5%, bolstered by gains in CSL, Cochlear, and ResMed. Bank shares declined, with CBA falling 0.5% and Westpac down 0.7%.
Anticipating next week’s economic figures. Stay informed on the latest financial updates and trends.
Global markets were very quiet this week as the US celebrated independence day, the UK went to the polls, and the ASX saw some inter-sector shifts with the new FY
In short, nothing happened overnight. Equity futures were mixed with the DOW +0.7%, S&P500 -0.09% and the Nasdaq -0.21%
Australian shares rose 1% on Thursday afternoon, supported by an ongoing bull market in New York ahead of the Independence Day holiday. Santos shares increased 4% to $8 following reports from Bloomberg that Saudi Aramco and Abu Dhabi National Oil Co are exploring bids for Santos to expand their overseas gas investments. Analysts highlighted potential challenges, including the need for FIRB clearance and control complexities.
Equities notched another record close overnight, in a holiday-shortened session as a slew of weaker economic data boosted hopes for sooner rate cuts, a day ahead of the 4th of July holiday.
Coal miners rally after fire at Met coal project. ASX rises led by materials and energy
The S&P500 hit a record high overnight, underpinned by a surge in Tesla and optimism over rate cuts after Federal Reserve Chair Jerome Powell cheered recent progress on inflation.
Liontown jumps on funding deal with LG. ASX lower due to weak Real Estate
