Australian stocks have followed Wall Street down this morning, with the S&P/ASX 200 slipping 36.30 points, or 0.45%, to 7,961.40 points at 10:30am AEST.
The bottom performing stocks include mining services firm Monadelphous (ASX:MND), which slid 5.99% in early trade, breaking its run up earlier this week on the back of strong revenues for the 2024 financial year.
Industrials was the top performing sector with a 0.95% daily tick up and a five-day gain of 2.84%. Materials dipped 0.38%, while energy was down 0.17%.
Over the last five days, the index has gained 1.41% and is currently 2.30% off of its 52-week high.
The index followed the S&P 500 down, which ended Tuesday 0.2% lower at 5597.12 points after advancing nearly 8% in the prior eight sessions. This was despite US Federal Reserve governor Michelle Bowman’s reassurances that she has confidence inflation will decline further, and US rates are on track for a cut.
The S&P/ASX200 is Australia’s leading share market index, 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 and Stock
