After a strong opening hour, the ASX lost ground today.
The S&P/ASX200 dropping 10.90 points or 0.14% to 7,886.00 after setting a new 100-day high. Over the last five days, the index has gained 0.95%and is currently 0.31% off of its 52-week high.
Bottom-performing stocks in this index are Orora Ltd and Megaport Ltd (ASX:MP1), down 13.79% and 5.54% respectively.
Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM, ETR:NMM) was the ASX 200’s biggest gainer up 5.12%, with Paladin Energy (ASX:PDN) which gained 5.26%.
On a brighter note, the oil and mining sectors lifted. Oil hit a five-month high overnight on the prospect of tightening crude supplies in the Americas. An Israeli airstrike also had an impact as the Middle East conflict threatens to widen.
Energy was 0.51% higher while Materials gained 1.04%. However, most other sectors were in the red. The biggest losers were Health Care down 0.88%, Real Estate lost 0.93% and Consumer Discretionary fell 0.79%.
The S&P/ASX Small Ordinaries (XSO) was also lower today, dropping 0.061% to 3,121.70. On a positive note over the past five days, it is 1.98% higher.
To some degree, the market was reacting to the Reserve Bank Board minutes:
“Returning inflation to target remained the board’s highest priority and that it would take some time before they could have sufficient confidence that this would occur within a reasonable timeframe. At the same time, members noted the importance of preserving as many of the gains in the labour market as possible,” the minutes stated.
“In light of this and their assessment of the economy, members agreed that it was appropriate to characterise the policy outlook as one in which it was difficult to either rule in or out future changes in the cash rate target.”
The market also followed overnight Wall St losses.
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