The ASX edged lower on Friday (7 February) following cautious investors on Wall Street ahead of the release of US jobs data and its likely impact on interest rates.
The S&P/ASX 200 dipped 12.7 points, or 0.15%, to 8,508 points as of 10.30am AEDT. The index is down 0.28% over the past five trading days and sits 0.69% below its one-year peak.
Eight of 11 sectors started the final trading session of the week in the red. Materials escaped the drag down to lift 0.11%, industrials rose 0.06% and energy was down 0.09%.
Gold, meanwhile, continues in record territory – albeit slightly lower – at around US$2,860 ($4,553) an ounce.
Lynas Rare Earths (ASX:LYC), Champion Iron (ASX:CIA) and Mineral Resources (ASX:MIN) were among the top movers today. Lynas climbed 2.3% to $6.68, Champion was up 2.03% at $5.52 and Mineral Resources rose 1.92% to $36.02 after American banking giant JP Morgan Chase became a substantial investor with a 5.22% stake in the miner.
The energy stocks were at the bottom end of the movers, with Beach Energy (ASX:BPT) sliding 4.86% to $1.37 and Karoon Energy (ASX:KAR) dropping 2.54% to $1.54.
The stocks moved into negative territory as crude oil prices fell on US President Donald Trump reminding the market he plans to boost oil production in the US to drive prices down.
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 & Unsplash
