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Australian Shares Shed Early Gains to Close Flat

Stock MarketsOct 19, 2021 16:36
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© Reuters.

By Oliver Gray

Investing.com - The S&P/ASX 200 closed down just 6.20 points to 7,374.90 on Tuesday, easing from 3-week highs touched earlier in the session, with technology heavyweights lifting while mining companies fell after reporting weaker than expected iron ore shipments.

On the coronavirus front, Victoria tallied 1749 new cases today, while New South Wales added 273. Meantime, the ACT added 24 cases after the territory eclipsed the 80% fully vaccinated milestone, with health authorities set to scrap quarantine requirements for residents returning from NSW from 1 November.

Among stocks, mining heavyweights fell after BHP (ASX:BHP) reported 5% decline in iron ore shipments. Rio Tinto Ltd (ASX:RIO) dipped 3.11%, BHP lost 1.84% and Fortescue (ASX:FMG) dropped 1.22%. However, technology names traded higher with Appen Ltd (ASX:APX) surging 4.91%, Wisetech Global Ltd (ASX:WTC) up 1.81% and Afterpay Touch Group Ltd (ASX:APT) adding 2.87%. Meantime, Zip Co Ltd (ASX:Z1P) also surged 5.19% after reporting a record September quarter, with quarterly revenue up 89% year on year.

On the bond markets, Australia 10-Year yields were near fresh 5-month highs of 1.733% while United States 10-Year rates were at 1.581%.

In policy news, Reserve Bank of Australia’s October meeting minutes revealed that policymakers maintained their dovish stance, with no rate hike expected until 2024.

In New Zealand, the NZX 50 added 67.41 points or 0.52% to 13065.92.

Australian Shares Shed Early Gains to Close Flat
 

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