The ASX has followed Wall Street lower today (13 November) as the excitement around Donald Trump’s win in the US presidential election comes off the boil.
The S&P/ASX 200 retreated 96.40 points, or 1.17%, to 8,159.20 points at 10.32am AEDT. The index has lost 0.49% for the last five days, and sits 2.69% below its 52-week high.
All sectors were in the red, with materials leading the exodus on an 0.87% decline.
Investors are also awaiting Consumer Price Index numbers out of the US, which are due out Wednesday 13 November US time.
The Sydney Morning Herald reports that economists expect CPI to show inflation accelerated to 2.6% in October from 2.4% in the previous month.
The World Gold Council is predicting a possible continued retracement in the gold price in the near term.
“The US election results have taken a bit of a knee-jerk sting out of gold’s impressive year-to-date rally,” the council says.
“Suggested reasons are a continued strengthening in bond yields and the US dollar, risk-on sentiment in equity markets, a boost to cryptocurrencies and a quelling of geopolitical tensions.
“These factors might presage a welcome pause, even a healthy near-term retracement, for gold.”
Gold is currently fetching around US$2,605 ($3,991) an ounce, according to ABC Bullion.
Uranium miners, however, appear to be favoured by investors with Paladin Energy (ASX:PDN) leading the gainers on a 5.31% rise to $7.25, Boss Energy (ASX:BOE) advancing 3.02% to $3.07 and Deep Yellow (ASX:DYL) climbing 2.49% to $1.24.
On the opposite side, aluminium heavyweight Alcoa (ASX:AAI) slid 5.20% to $62.56 and diversified miner Mineral Resources (ASX:MIN) dipped 4.86% to $35.83.
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: ASX & iStock
