The Australian share market has given up early positive factors after hitting a recent nine-month excessive regardless of a promising lead from a robust end on Wall Street final week.
By midday on Monday, the benchmark S&P/ASX200 index was down 7.4 factors, or 0.1 per cent, to 7,444.8. The broader All Ordinaries was down 5.6 factors, or 0.07 per cent, to 7,660.7.
Trading volumes have been low initially of a holiday-shortened week, with main Asia Pacific markets together with China, Hong Kong, Singapore and South Korea all closed.
The native index earlier rose as a lot as 0.3 per cent to a recent nine-month excessive, after US markets rallied on Friday led by an earnings elevate from Netflix and job cuts from Google’s dad or mum Alphabet.
But the positive factors couldn’t be sustained with declines in heavyweight mining, healthcare and shopper shares.
Energy shares bucked the pattern, climbing practically 0.5 per cent after oil costs settled greater on Friday with financial prospects brightened in China, the world’s second-biggest economic system.
Shares in main oil and gasoline producers Woodside Energy and Santos have been up 1.0 per cent and 0.5 per cent respectively.
Technology shares additionally took a cue from their counterparts on Wall Street. The ASX-listed share of funds big Block jumped 6 per cent to $108.53, whereas software program maker Xero and Megaport have been up greater than 1.0 per cent every.
Financial shares have been blended, with three of the Big Four main banks buying and selling barely within the inexperienced.
Among heavyweight mining shares, iron ore miners BHP, Rio Tinto and Fortescue Metals have been all buying and selling decrease. This was partly offset by positive factors in lithium shares with Pilbara Minerals main the pack for a second straight session, climbing 6 per cent to $4.84.
Diversified miner South32 rose 1.3 per cent after posting a 24 per cent bounce in its second-quarter metallurgical coal output.
Meanwhile, the Australian greenback was shopping for 69.86 US cents at midday, from 69.25 US cents at Friday’s ASX shut.
