ASX flat as dollar dips on RBA minutes

The Australian share market is little changed, mirroring mostly flat results on Wall Street overnight.

The benchmark S&P/ASX200 index was down just 1.0 point, or 0.01 per cent, to 6,765.8 points at 1200 AEDT on Tuesday, while the broader All Ordinaries was down 3.0 points, or 0.04 per cent, to 6,868.7 points.

Consumer staple shares had the largest gains at midday, adding 1.16 per cent, while the tech sector lost 1.47 per cent while moving in the opposite direction.

A2 Milk surged 13.48 per cent after the New Zealand-based dairy producer upgraded its full-year outlook and Synlait Milk rose 2.76 per cent after the two companies renegotiated manufacturing and supply arrangements.

Also in the consumer staple sector, Bega Cheese was up 1.03 per cent and Bubs Australia was up 1.39 per cent.

Woolworths was up 0.62 per cent but Coles fell 0.45 per cent and IGA supplier Metcash slipped 0.66 per cent.

In the heavyweight mining sector, BHP was down 0.24 per cent to $37.27, Rio Tinto was up 0.23 per cent to $94.57 and Fortescue Metals was up 1.66 per cent to $9.20.

The big four banks were all lower, with ANZ down 0.22 per cent to $25.245, Commonwealth down 0.44 per cent to $79.99, NAB down 0.82 per cent to $27.085 and Westpac down 0.45 per cent to $26.33.

Bendigo and Adelaide Bank was up 0.38 cent, Bank of Queensland was down 0.23 per cent and Macquarie Group was flat.

The volatile tech sector slumped as WiseTech dropped 8.0 per cent, Afterpay declined by 2.73 per cent and Bravura Solutions fell 2.17 per cent.

On Wall Street, the Dow Jones Industrial Average closed up 0.11 per cent, the S&P 500 was up 0.05 per cent and the tech-heavy Nasdaq Composite was up 0.11 per cent.

The local currency slumped against the US dollar after the Reserve Bank of Australia released the minutes of its November 5 meeting in which it acknowledged there was a case for cutting the cash rate again before deciding to keep it on hold.

The Aussie dollar is buying 67.89 US cents from 68.11 US cents on Monday.

Source link Finance News Australia

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