Shares have dipped in early trade on the ASX after US markets retracted late in the session overnight. The S&P/ASX200 benchmark index was down by 26.8 points, or 0.5 per cent, to 5380.3 points after the first 30 minutes of trade on Wednesday. The All Ordinaries index was 21.9 points lower, or 0.4 per cent, at 5456.2. The financial and property sectors were pulling the market down most, falling by 1.06 and 1.44 per cent respectively. ANZ was lower by 24 cents, or 1.46 per cent, at $16.21 and Commonwealth Bank lost 78 cents, or 1.28 per cent, to $60.07. NAB shed 22 cents, or 1.29 per cent, to $16.77, while Westpac lost 23 cents, or 1.42 per cent, to $15.97. Property giant Goodman Group was down 16 cents, or 1.18 per cent, to $13.44. Infant formula provider Bubs was off to a good start after reporting it would supply 482 Coles supermarkets. Bubs shares jumped 6.18 per cent to 94 cents. JB Hi-Fi reported an 11.3 per cent increase in sales for the March quarter and a 13.9 per cent rise at The Good Guys stores, and received a boost from investors. JB shares rose $1.04, or 3.06 per cent, to $34.99. Goldminer Newcrest had a $1.39 jump, or 5.01 per cent, to $29.16.
Rivals Northern Star and Evolution had increases of more than 1.0 per cent to $12.98 and $5.30 respectively.
BHP lost 40 cents, or 1.3 per cent, to $30.29, Rio shed 73 cents, or 0.88 per cent, to $82.02 and Fortescue was up 2.0 cents, or 0.18 per cent, to $11.05.
In health, CSL was up $1.26, or 0.41 per cent, to $306.98.
Meanwhile, energy stocks continued a great week – up 1.37 per cent – after gains in world oil prices.
Wall Street’s main indices finished higher after healthcare stocks rallied, oil prices surged and a number of countries and US states eased coronavirus-induced restrictions in an attempt to revive their economies.
However, stocks pulled back sharply late in the session after US Federal Reserve vice chair Richard Clarida made downbeat comments about the depth of the economic contraction.
The Australian Bureau of Statistics on Wednesday will publish its revised retail trade figures for March, which will shed more light on how COVID-19 and social distancing has changed consumer spending.
In April, the bureau published the preliminary figures for March.
The ABS will also publish lending indicators data.
One Australian dollar bought 64.26 US cents at 1030 AEST, down from 64.46 US cents on Tuesday’s close.