Australian shares stabilise after wild two-day sell-off

[Pelican Press 0]

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*********** shares stabilise after wild two-day sell-off

The Australia share market was modestly higher at midday, finding stability after its brutal two-day sell-off.

At noon AEST on Tuesday, the benchmark S&P/ASX200 index was up 29.7 points, or 0.39 per cent, to 7,679.5, while the broader All Ordinaries was up 32 points, or 0.41 per cent, 7,891.4.

The ASX200 lost 5.81 per cent over Friday and Monday, its worst two-day sell-off since the start of the COVID-19 pandemic.

“After yesterday’s wild day, there is some good news in that markets seem to be finding a footing and settling down after a painful day of trade,” said eToro market analyst Josh Gilbert.

Mr Gilbert pointed out that on a five-year chart, Monday’s fall for the Nasdaq, S&P500 and the ASX was merely a blip.

“Pullbacks are uncomfortable for investors, but they happen and are simply the price of entry into the stock market,” he said.

Five of the ASX’s 11 sectors were up at midday, four were lower and tech and mining basically flat.

Energy was the biggest ******, retreating 1.8 per cent.

Woodside dropped 4.9 per cent to a more than two-year low of $25.19, a fall that follows the energy giant announcing after Monday’s close it would acquire a green carbon ammonia project in Texas for $2.3 billion.

In tech, Audinate had plunged 35.9 per cent to a more than one-year low of $8.54 after the professional media networking company announced it expects to make a smaller profit in 2024/25 than the year before.

“Whilst we expect FY25 to be a transitional year, the long-term strategic thesis for Audinate ******** strong,” said chief executive and co-founder Aidan Williams.

The Big Four banks were mostly higher, with CBA up 1.6 per cent, NAB gaining 0.7 per cent and Westpac edging 0.2 per cent higher. ANZ was the outlier, marginally lower.

In the heavyweight mining sector, BHP was up 0.3 per cent, Rio Tinto had dropped 0.4 per cent and Fortescue had climbed 0.8 per cent.

Goldminers were mostly lower as the precious metal traded for $US2,408 an ounce.

Evolution had dropped 1.3 per cent, Newmont had fallen 3.3 per cent and Northern Star was down 0.5 per cent.

In currency, the *********** dollar had rebounded, buying 65.15 US cents, from 64.08 US cents at Monday’s ASX close.

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