The native share market is down this morning as merchants digest better-than-expected gross home product figures indicating the power of the native economic system.
At midday AEST on Wednesday, the benchmark S&P/ASX200 index was down 36.2 factors to 7,278.1, a drop of 0.5 per cent.
The broader All Ordinaries had fallen 36.3 factors to 7,480.5, additionally a 0.5 per cent drop.
The indexes had been within the purple all morning however misplaced a bit extra floor after the Australian Bureau of Statistics reported the nation’s economic system grew 0.4 per cent within the June quarter and a pair of.1 per cent in 2022/23, beating expectations of 1.8 per cent development.
“This was the seventh straight rise in quarterly GDP, and annual growth remained above trend, reflecting the absence of significant COVID-19 disruptions such as lockdowns in 2022/23,” ABS head of nationwide accounts Katherine Keenan mentioned.
IG market analyst Tony Sycamore mentioned the figures mirrored the continued resilience of the Australian economic system regardless of the Reserve Bank’s marketing campaign of charge hikes, and eased fears about fallout from China’s slowing economic system.
At noon each sector of the ASX besides power was decrease, with tech shares the worst hit, collectively falling 1.4 per cent.
The heavyweight mining sector was down 0.7 per cent, with BHP edging 0.1 per cent decrease, Fortescue dipping 0.2 per cent and Rio Tinto falling 1.5 per cent.
All of the Big Four banks had been additionally within the purple, with Westpac dropping 0.6 per cent and lesser losses for the remainder.
In the power sector, Woodside Energy was up 1.5 per cent and coal miner New Hope had grown 2.3 per cent.
The Australian greenback was shopping for 63.75 US cents, unchanged from Tuesday’s ASX shut and a few 10-month low.
Source: www.perthnow.com.au
