Aust shares dip, look set to break 3-week winning steak

April 21, 2023 11:37 AM AEST | By AAPNEWS
 Aust shares dip, look set to break 3-week winning steak
Image source: AAPNEWS

The local share market was modestly lower at lunchtime and looked set to snap its three-week winning streak following poorer-than-expected quarterly 

At noon EST on Friday, the benchmark S&P/ASX200 index was down 21.6 points, or 0.29 per cent, to 7,340.6, while the broader All Ordinaries was down 20.1 points, or 0.27 per cent, to 7,535.3.

With a few hours of trading left in the week, the ASX200 was down 20.5 points, or 0.28 per cent, since last Friday's close.

It's been a week of low volatility for the index, which hasn't posted a daily move of more than 0.3 per cent all week.

Friday's losses come after softer-than-expected overnight housing market and labour data in the United States, as well as disappointing earnings results from Tesla and AT&T, led to the S&P500 dropping 0.6 per cent.

The ASX's 11 sectors were mixed at midday with five lower and six higher.

The mining sector was again the worst laggard, falling 0.9 per cent as BHP and Rio Tinto both released quarterly production updates.

BHP had dropped 1.8 per cent to $45.23, Rio Tinto was down 2.2 per cent to $117.69 and Fortescue Metals had fallen 2.1 per cent to $21.95.

But the energy sector was up one per cent with Whitehaven Coal climbing 3.9 per cent, New Hope up 2.5 per cent and Santos adding 1.7 per cent.

Woodside was up 0.7 per cent to $33.915 as the energy giant reaffirmed its full-year production guidance despite announcing that its March quarter production was down nine per cent quarter-and-quarter due to planned turnaround and maintenance activities. 

All the big banks were lower with CBA, NAB and Westpac falling around one per cent and ANZ down 0.8 per cent.

The Australian dollar was buying 67.24 US cents, from 67.03 US cents at Thursday's ASX close.

Cryptocurrencies were mostly in the red after a strong run in recent weeks, with Bitcoin falling under $A42,000 for the first time in a week and a half.


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