Shares flat as Aussie dollar hits eight-month high

Perth Now

4 days ago

The local share market is treading water as traders wait to hear what Reserve Bank governor Michele Bullock says about inflation and jobs, while the local currency has climbed to an eight-month high.
Near noon on Thursday the benchmark S&P/ASX200 index was down 2.8 points, or 0.03 per cent, to 8,835.5, while the broader All Ordinaries had dipped by less than half a point to 9,001.0.
Ms Bullock is set to address the youth mental health charity Anika Foundation in the early afternoon at its annual fundraising lunch, with a speech titled "The RBA's Dual Mandate - Inflation and Employment".
NAB head of market economics Tapas Strickland noted past RBA speeches to the Anika Foundation had been informative.
There were also growing expectations for a US-EU trade deal along the lines of a US-Japan pact announced earlier in the week, Mr Strickland said.
The Australian dollar had moved above 66 US cents for the first time since November 8, trading for 66.09 US cents, from 65.65 US cents at 5pm on Wednesday.
NAB economist Pat Bustamante said risk currencies including the Aussie had benefited from a risk-on tone overnight as trade tensions eased.
Six of the ASX's 11 sectors were lower and three were higher, with financials and tech flat. Health care was the bigger mover, rising 1.0 per cent as CSL advanced 1.5 per cent, Clarity Pharma added 9.7 per cent and Neuren Pharmaceuticals climbed 6.8 per cent.
In the consumer discretionary sector, Bapcor had plunged 28.4 per cent to a five-year low of $3.66 after the aftermarket auto parts retailer posted disappointing sales in May and June, said it would write off around $43 million in assets and announced the resignations of three directors. No reason was given.
On the flip side, Pexa Group had soared 16.4 per cent to $15.07 after the digital property exchange announced leading UK bank NatWest had agreed to facilitate future remortages on Pexa's platform.
In the financial sector, Macquarie had dropped 4.4 per cent as the investment bank held its annual general meeting and announced a drop in first-quarter net profit.
As for the big four retail banks, ANZ was down 0.1 per cent while NAB had added 0.9 per cent, with Westpac and ANZ both growing 0.4 per cent.
In the heavyweight mining sector, BHP was basically flat, Rio Tinto had added 0.4 per cent and Fortescue had climbed 3.5 per cent as the iron ore giant announced record shipments in 2024/25.
Goldminers were in the red as the yellow metal changed hands at $US3,447, down about $7 from Wednesday.
Northern Star had dropped 2.5 per cent, Evolution had retreated 3.2 per cent and Regis Resources had lost 3.7 per cent.
PNG copper miner Bougainville Copper had soared 20.2 per cent to a one-and-a-half-year high of 77.5 cents, for reasons not immediately clear.
Calix Limited had rocketed 26.7 per cent to 66.5 cents the environmental technology company announced the Australian Renewable Energy Agency had awarded it a $44.9 million grant to fund its "green iron" demonstration plant.