SYDNEY, AAP – An overnight fall in commodity prices is weighing on the Australian share market and causing notable losses for miners and energy providers.
BHP dropped more than two per cent on Friday after prices for iron ore and other metals fell. Rio Tinto was down by about two per cent. Fortescue lost more than one per cent.
Oil prices tumbled as a forecast for a warm US winter put the brakes on a rally that drove prices to a three-year high. Brent oil was trading at $U84.68 per barrel at 1200 AEDT.
Beach and Santos shares were both down by more than two per cent.
Investors’ appetite for property and consumer discretionary shares helped offset the mining and energy losses.
The benchmark S&P/ASX200 index was higher by 8.5 points, or 0.11 per cent, to 7423.9.
The All Ordinaries was up 7.9 points, or 0.10 per cent, to 7736.4.
People in Melbourne are enjoying their first day out of coronavirus lockdown in a boost to the national economy.
People are rushing to hairdressers and shops after the latest 77-day lockdown.
In the US, the S&P 500 set a record closing high and its seventh straight session of gains.
Tesla ensured the Nasdaq closed higher after investors approved the electric car maker’s upbeat earnings despite a supply-chain warning.
The Dow Jones index closed little changed.
In ASX company news, Qantas will bring forward more international flights and reinstate 11,000 stood-down staff before the end of the year.
The carrier is bring forward flights to Bangkok, Singapore, Phuket, Johannesburg and Fiji.
Shares were up 0.7 per cent to $5.73.
Insurer IAG has improved gross written premiums by a mid single digital percentage.
The company confirmed a full-year forecast of growth in the low single digits.
Shares were up 1.38 per cent to $5.11.
The big four banks, as well as the Bank of Queensland, were all lower by less than half a per cent.
Analytics software vendor Nuix named former Infomedia boss Jonathan Rubinsztein as chief executive.
He will take over from Rod Vawdrey from January.
ASIC has been investigating the circumstances of Nuix’s poor performance since joining the ASX in December.
Shares were up about five per cent to $3.12.
Aussie Broadband is discussing a merger with voice and data network provider Over the Wire.
Aussie’s first quarter sales were up more than 11 per cent on the previous quarter.
Shares were up more than five per cent to $4.93.
The Australian dollar was buying 74.63 US cents at 1200 AEDT, lower from 75.03 US cents at Thursday’s close.