The ASX reversed its downtrend as investors slowly edged back in.
The S&P/ASX 200 was up 48.60 points, or 0.61%, to 8,036.70 points at 10:30am AEST, despite crossing below its 20-day moving average.
This comes ahead of the release of August US consumer price index data, which is the last major data point potentially influencing whether the Federal Reserve starts cutting rates.
US CPI data for August is due out Wednesday 11 September.
All 11 sectors rose, lead by the financial sector with a 0.88% advance up. Materials moved 0.72% higher and energy edged up 0.38%.
The top performing stocks in early trade included Emerald Resources (ASX:EMR) with a 2.41% tick up, aluminium producer Alcoa (ASX:AAI), which climbed 2.35%, lithium producer Mineral Resources (ASX:MIN), which gained 2.2%, and diversified miner IGO (ASX:IGO) with a 2.2% increase.
The index has lost 0.87% for the last five days, but sits 1.43% below its 52-week high.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: iStock
