Australian shares managed to claw back the bulk of early losses on
Tuesday to end marginally lower, thanks largely to strong support for
the big miners and a takeover offer for gas company Santos.
Monday's
news of Chinese retaliation to US trade tariffs rattled global markets,
while further sharp losses in big tech names such as Facebook and Intel
that night extended recent falls in key Wall Street indices to more
than 10 per cent, satisfying the technical definition of a correction.
After sliding sharply in early trade, the benchmark S&P/ASX 200 index battled back through the morning to climb back into the black by lunchtime before ultimately ending the day off 7 points at 5752. The wider All Ordinaries index eased 10 points to 5859 as futures trading pointed to some recovery in New York on Tuesday night.
The major diversified miners provided the bulk of the support for the ASX, as BHP climbed 1.8 per cent to $28.71 and Rio Tinto 2.1 per cent to $74.19. Gold miners were also in favour as the nervous tone in markets pushed the price of the precious metal higher. Newcrest Mining ended the session up 2.3 per cent to $20.01 as the All Ordinaries Gold Index climbed 2 per cent.
Santos's 16 per cent surge to $5.89 provided a further impetus for the local bourses recovery as it returned to trade late Tuesday morning after confirming a $6.50 bid from US consortium Harbour Energy.
Among the major drags on the ASX on Tuesday were further losses in the major banks – including a 1.2 per cent fall in ANZ to $26.55 – while pokies group Aristocrat Leisure dropped 2.7 per cent to $23.41.
Toll road operator Transurban lost 1.7 per cent to $11.23 and Sydney Airport fell 2.1 per cent to $6.57.In other news, the Aussie dollar found some support following the Reserve Bank's widely anticipated decision to hold rates steady at 1.5 per cent for a record 18 straight meetings. The currency fetched US76.9 cents in late trade.
After sliding sharply in early trade, the benchmark S&P/ASX 200 index battled back through the morning to climb back into the black by lunchtime before ultimately ending the day off 7 points at 5752. The wider All Ordinaries index eased 10 points to 5859 as futures trading pointed to some recovery in New York on Tuesday night.
The major diversified miners provided the bulk of the support for the ASX, as BHP climbed 1.8 per cent to $28.71 and Rio Tinto 2.1 per cent to $74.19. Gold miners were also in favour as the nervous tone in markets pushed the price of the precious metal higher. Newcrest Mining ended the session up 2.3 per cent to $20.01 as the All Ordinaries Gold Index climbed 2 per cent.
Santos's 16 per cent surge to $5.89 provided a further impetus for the local bourses recovery as it returned to trade late Tuesday morning after confirming a $6.50 bid from US consortium Harbour Energy.
Among the major drags on the ASX on Tuesday were further losses in the major banks – including a 1.2 per cent fall in ANZ to $26.55 – while pokies group Aristocrat Leisure dropped 2.7 per cent to $23.41.
Toll road operator Transurban lost 1.7 per cent to $11.23 and Sydney Airport fell 2.1 per cent to $6.57.In other news, the Aussie dollar found some support following the Reserve Bank's widely anticipated decision to hold rates steady at 1.5 per cent for a record 18 straight meetings. The currency fetched US76.9 cents in late trade.
No comments:
Post a Comment