Australian shares fell by 0.2% at lunchtime, primarily driven by a 2.9% tumble in the tech sector, which mirrored declines in overseas markets.
A surge in interest rate-sensitive technology and real estate stocks propelled the Australian sharemarket to a new intraday record on Wednesday.
Australian shares are tilting lower, dragged down by iron ore miners, pulling the index from yesterday’s record high above 8000 points. The S&P/ASX 200 fell 11.7 points, or 0.2%, to 8017.4 at midday, despite gains on Wall Street, as traders weighed the possibility of a third US rate cut.
The Australian sharemarket climbed above 8000 for the first time amid a broad rally, buoyed by speculation of a potential US Federal Reserve rate cut. The S&P/ASX 200 Index rose 0.6%, or 45.8 points, to 8005.1 with all 11 sectors in positive territory. This follows a strong lead from Wall Street, where the S&P 500 hit a new record high and the Dow Jones surpassed 40,000, driven by increased rate cut bets.
Australian shares surged 1 per cent to a record high of 7969 points by midday, driven by data showing the US entered deflation in June, increasing expectations for imminent rate cuts by the US Federal Reserve.
All 11 sectors of the S&P/ASX 200 advanced, bringing the index close to its record intraday high of 7910.5 points set on April 2.
A sell-off in mining stocks pulled the Australian sharemarket down in the afternoon. The S&P/ASX 200 Index fell 0.3%, or 23.6 points, to 7806.1, with seven out of 11 sectors declining.
Australian shares advanced on Tuesday afternoon in a broad-based rally. The S&P/ASX 200 Index gained 0.8%, or 64.7 points, to 7827.9 by 2:20 pm AEST, with all 11 sectors in the green. The communication services sector led gains, with Telstra rising 3.3% after announcing a price increase for its mobile plans, and REA Group firming 2%. The consumer discretionary sector rallied 1%, with Wesfarmers up 0.8%..
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.
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%.
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.
Coal miners rally after fire at Met coal project. ASX rises led by materials and energy
