Australian shares little changed as gold miners, consumer stocks drag
- The S&P/ASX 200 index fell 0.1% to 8,824.70
Australian shares were little changed on Tuesday as losses in gold, mining and consumer stocks countered gains in banks and tech stocks, while software heavyweight WiseTech Global jumped to its highest in near three weeks after naming a new chair.
The S&P/ASX 200 index fell 0.1% to 8,824.70 by 0012 GMT after closing 0.2% lower on Monday. Overnight, Wall Street surged, while oil prices settled around pre-Iran war levels.
Investors kept a close eye on talks between the U.S. and Iran over the fate of shipping through the Strait of Hormuz while keeping tabs on the recovery in Gulf oil exports.
Market focus was also on the minutes of the U.S. Federal Reserve’s June meeting, due on Wednesday, for clues about the rate outlook under Chairman Kevin Warsh.
In Sydney, gold stocks fell 1.5% as bullion prices weakened. Northern Star Resources, Australia’s largest listed gold miner, declined 1.2%.
Miners lost 0.7%, with iron ore mining giant Rio Tinto down 0.9%. Consumer staples slipped 0.1%, with supermarket giants Woolworths and Coles falling 0.4% and 0.5%, respectively.
Financials helped limit losses, rising 0.4%, with the “Big Four” banks up between 0.2% and 0.3%.
Technology stocks advanced 0.7%, tracking overnight gains on the Nasdaq. The sub-index was on track for a third straight session of gains.
WiseTech Global as much as 8.1% after appointing Raelene Murphy as independent chair, while co-founder Richard White retained his dual roles as executive director and chief innovation officer.
Healthcare stocks climbed 0.7% to their highest in about two-and-a-half months, helped by investor rotation into the battered sector.
In New Zealand, the benchmark S&P/NZX 50 index rose 0.2% to 13,797.33, heading for a third straight session of gains.
Market focus has now turned to the Reserve Bank of New Zealand’s policy meeting on Wednesday, where policymakers are expected to raise interest rates for the first time in more than three years, according to a Reuters poll of economists.
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