The Aussie market has eased from record highs on Tuesday as it looks to end its recent run of gains. The ASX 200 is down 28 points or 0.4% to 7051 at lunch after climbing to record highs over the previous five sessions. There was little in terms of a lead from global markets with Wall Street closed for Martin Luther King Jr day.
Losses have been spread across most sectors with the heaviest falls coming from the utilities and IT sectors. For utilities, AGL Energy (AGL) is down 1.6% while APA Group (APA) is 1.3% weaker. The Losses in tech names are led by Wisetech Global (WTC) which is falling 3.7%, Technology One (TNE) is also down a similar 3.5%. The
tech sector is lower even with gains for Afterpay (APT) and a 8% rally in Data3 (DTL) with the IT solutions firm shares expected to report strong first half earnings growth for FY20.
Consumer staples have helped limit some of the losses. Supermarket giants Woolworths (WOW) and Coles Group (COL) are both higher by 1% or more. Dairy and infant formula maker a2 Milk (A2M) is gaining 1.3%.
It has been a mixed start for heavyweight banks and miners. Commonwealth Bank (CBA) is falling most among the big banks with a decline of 0.7% while National Bank
(NAB) lifts 0.2%. For the miners, Fortescue (FMG) is rising another 1.9% after a 3.7% advance yesterday. Rio Tinto (RIO) is flat and BHP Group (BHP) is down 0.2% after releasing a quarterly update. Iron ore output improved 4% over the quarter to 60 million tonnes and first half output was 2% higher. However, petroleum production fell by 9% over the half.
In other company news, Resolute Mining (RSG) is in a trading halt as it looks to raise up to $196 million to strengthen its balance sheet and repay a $130 million Toro Gold Bridge facility. Elsewhere, HUB24 (HUB) is down 2% even after the financial IT platform posted record first half net inflows of $2.5 billion.
On the economic front, weekly consumer confidence rose from 107.3 to 108.3. The US dollar is a touch weaker to 68.7 US cents.
So far, 1.1b units have been traded worth $1.8b with 445 stocks higher, 534 lower and 365 unchanged.
Published by CommSec