Australian shares edge lower ahead of holiday, CPI data

April 24, 2023 12:08 PM AEST | By AAPNEWS
 Australian shares edge lower ahead of holiday, CPI data
Image source: AAPNEWS

The local share market is edging lower in yet another day of quiet trading before the Anzac Day holiday, with losses for the mining and energy sector outweighing gains everywhere else.

At noon AEST on Monday, the benchmark S&P/ASX200 index was down 6.2 points, or 0.08 per cent, to 7,324.2, while the broader All Ordinaries had dropped 8.8 points, or 0.12 per cent, to 7,514.2.

A finish in the red would be the ASX's third consecutive day of losses - but all have been modest. The index didn't move by more than 0.4 per cent any day last week.

The Australian Bureau of Statistics is due to release March quarter Consumer Price Index figures on Wednesday that could reduce pressure on the Reserve Bank to raise interest rates next month.

"We expect Q1 CPI to show inflation is past its peak, but with still strong reads across domestically sensitive components," NAB economist Taylor Nugent wrote in a note.

At lunchtime the ASX's 11 sectors were mostly mostly higher, but energy was down 0.6 per cent and the material sector was down 1.7 per cent.

BHP had dropped 1.9 per cent to $44.16, Rio TInto had retreated 2.5 per cent to $114.13 and Fortescue Metals was 3.5 per cent down to $20.735.

Lithium miner Pilbara was up 5.5 per cent to a six-week high of $4.24, on track for its seventh day of gains in the past eight sessions.

In the energy sector Santos was down 1.1 per cent to $7.085 but Viva Energy had grown 1.5 per cent to $3.115.

The tech sector was the best-performing, up one per cent as Wisetech Global climbed 1.5 per cetn to $69.

The real estate sector was also turning in a solid performance, up close to one per cent with GPT up 1.1 per cent and Goodman Group adding 1.0 per cent.

InvoCare had slid 9.9 per cent to $10.91 as TPG Global withdrew its non-binding takeover offer after it was rebuffed by InvoCare's board of directors. TPG had floated a figure of $12.65 per share for funeral service operator.  

In currency, the Australian dollar had slipped further against the greenback, buying 66.87 US cents, from 66.92 US cents at Friday's ASX close.


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