The Australian sharemarket is extending its early gains by midday, buoyed by a strong rally in US tech stocks overnight. The S&P/ASX 200 index has risen 0.7% to 7989, driven by a 1.9% increase in the tech sector
The benchmark S&P/ASX 200 Index fell 0.8% or 63.6 points to 7908 at midday, following last week’s peak of 8000. The materials, energy, and real estate sectors experienced the steepest declines.
Australian shares fell by 1.2% to dip below 8000 points at lunchtime, driven down by declines in the banking, mining, and technology sectors.
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.
