The Australian Securities Exchange (ASX) is on its way down today (22 May), with the S&P/ASX200 sliding 50.1 points, or 0.6%, to 8,336.7 points as of 10.30am (AEST).
Over the past five trading sessions, the index has gained 0.47% and is 3.23% below its 52-week high.
There has been movement on the trade front with the European Union reportedly sending the US a revised proposal in a bid to fast track negotiations on tariffs.
ANZ economists say rising geopolitical risks have placed upward pressure on energy and precious metals, with the exception of gold.
Ten of the 11 sectors were flashing red shortly after the opening bell. Utilities dropped 0.55%, energy was down 0.12%, materials slid 0.11% and industrials edged back 0.07%.
The gold miners were the outliers today. Evolution Mining (ASX:EVN) rose 3.11% to $8.94, West African Resources (ASX:WAF) climbed 2.41% to $2.55 and Vault Minerals (ASX:VAU) rose 2.3% to $0.45.
Evolution announced the appointment of Frances Summerhayes as CFO, starting in early September.
Meanwhile, West African Resources reported a drill hit of 44m @ 25.8 grams per tonne gold this morning below reserves at its M1 South underground deposit, part of the Sanbrado Gold Operations in Burkina Faso.
Gold rose again today, to trade at US$3,325 ($5,164) an ounce at the time of writing.
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
