ASX slides amid concerns over Middle East escalation while miners decline
Welcome to your five-minute recap of the trading day.
The numbers
The Australian sharemarket closed lower on Wednesday yet again as investors track developments in the escalating conflict in the Middle East, with mounting speculation that the US is on the verge of joining Israel's attack on Iran.
The S&P/ASX 200 slipped 10.10 points, or 0.1 per cent, to 8531.20, pushed down by the dominant mining sector, even as eight of the 11 industry sectors ended higher. The slight drop came after the local market treaded water over the past two sessions. The Australian dollar declined overnight but traded 0.5 per cent higher at US65.09¢ just before 5pm AEST.
The lifters
Among winners of the day were energy stocks, though some of their share prices fluctuated as much as the oil prices driving them. Oil and gas giant Woodside closed down 0.2 per cent after gaining earlier in the session, while rival Santos – which on Monday received a $30 billion takeover bid from Abu Dhabi's national oil company and US global private equity firm Carlyle – added 0.4 per cent. Ampol, the nation's biggest refiner, added 2.7 per cent and fellow fossil fuel stock Yancoal rose 2.4 per cent.
Oil prices swung up and down after rallying around 10 per cent since Israel started its attacks on Iran last week as speculation the US may join the conflict stoked concerns about supply disruptions in the Middle East. Brent traded above $US76 a barrel, while West Texas Intermediate was near $US75 after closing at the highest level in almost five months on Tuesday.
Uranium stocks rose for a second day after Canadian asset manager Sprott said it would buy some $US200 million ($306 million) worth of the metal for its dedicated physical uranium trust. Boss Energy climbed a further 4.3 per cent and Deep Yellow jumped 3.9 per cent.
Tech stocks also advanced, with software firms WiseTech, Xero and Technology One finishing up 1.5 per cent, 1.1 per cent and 2 per cent, respectively.
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