Aussie shares are lower to start the new week with the ASX 200 close to its lows of the day around lunch. The index is again retesting lows of late June as it falls for a third session in a row. The ASX 200 is down 38 points or 0.6% at 5827 as it follows losses on Wall Street over the weekend. The major US indices were down around the 1% for Friday’s session with tech names again leading declines.
Local losses are rather broad based as the majority of sectors trade in the red. Contributing most to the overall softer tone of the market are the major financials and mining stocks. The big four lenders are all in the red with ANZ Bank (ANZ) and the National Bank (NAB) falling most and down 1.2% each.
Even with firming iron ore prices over the weekend, major miners are in the red with Fortescue Metals (FMG) leading the way. The pure play miner is down 1.2% while BHP Group (BHP) is 0.9% softer and Rio Tinto (RIO) is easing 0.85%. Gold miner, OceanaGold (OGC) is 5.5% lower after it had to withdraw production targets for its NZ gold mine after the ASX queried some of its figures it released to market back in July.
The technology sector is another to sag with the likes of Wisetech Global (WTC) falling 2%, Xero (XRO) is 1.1% lower and Afterpay (APT) is giving up 1% as other BNPL also trade lower.
Healthcare names are adding most with biotech giant CSL Ltd (CSL) gaining 0.6% while Sonic HealthCare is 3.3% higher. The energy sector is another with Whitehaven Coal (WHC) gaining 7% while Senex Energy (SXY) is 5.7% higher.
Harvey Norman (HVN) is lifting 2.5% with the retailer providing a sales and profit update this morning. Aggregate sales between 1 July and 17 September are up 30.6% on the year before with Australian franchisee sales up 33%. Unaudited profit before tax for July and August surged 185% on last year.
The Aussie dollar is also firmer against the greenback buying 73.18 US cents. So far, 3.8b units have been traded worth $2.5b with 598 higher, 640 lower and 348 unchanged.
Published by CommSec