The Mid Market Pulse || ASX Edges Higher In See-Saw Trade; Healthcare, Industrials Stocks Rise

• The S&P/ASX200 is trading 5.20 points higher to 7265.30 by the afternoon. The index has gained 1.20 per cent over the last five session and is currently 0.23 per cent off its 52-week high. 

• Early today, the index opened lower, after the major US stock indices closed on a subdued note. The fall in commodity prices also weighed on market sentiment. 

• On the sectoral front, seven of 11 sectors are trading in green. Healthcare is the best performing sector with 1.2 per cent gain. Some of the other sectors that are trading higher include Utilities, Financials, Consumer Staples, energy, and Industrials.  

• Bucking the trend, Materials was the worst performing sector with over 2 per cent loss. A-REIT, Information Technology, Telecommunication Services were also among top laggards.   

• ASX-listed mining stocks were under stress today, owing to weak commodity prices. Shares of the Australian mining sub-index AXMM shed up to 2.5% to post its biggest intraday loss since 19 May 2021. Heavyweight miners Rio Tinto (ASX:RIO, BHP Group Limited (ASX:BHP) and Fortescue Metals Group  Limited (ASX:FMG) all down over 2%. 

• In a similar trend, shares of gold stocks AXGD declined as much as 3.8%, eyeing their biggest intraday percentage loss since 28 April, tracking fall in bullion prices. Sector heavyweight Newcrest Mining Limited (ASX:NCM) declined as much as 3.1%, its lowest since 27 May 2021. Silver Lake Resources Limited (ASX:SLR) plummeted as much as 7.7% and West African Resources Limited (ASX:WAF) plummeted as much as 7.8%. 

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