The Australian Securities Exchange (ASX) inched lower this morning (15 May) ahead of the release of Australian jobs data.
The S&P/ASX200 slipped 13.7 points, or 0.17%, to 8,265.9 points as of 10.30am (AEST).
Over the past five trading sessions, the index has gained 0.91% and is 4.05% away from its 52-week peak.
More sectors were lower than higher. Materials dipped 0.11%, while utilities rose 0.52%, financials shifted up 0.11% and energy lifted 0.05%.
Aluminium producer Alcoa (ASX:AAI) and uranium miner Boss Energy (ASX:BOE) were among the top movers in early trade. Alcoa advanced 4.05% to $45.77, while Boss added 1.76% to trade at $4.05.
Lithium miner Liontown Resources (ASX:LTR) fell 3.82% to $0.76 and gold major Newmont (ASX:NEM) retreated 2.74% to $75.70.
The gold price fell to its lowest level in more than a month to around US$3,180 an ounce.
ANZ Pacific Economist Kishti Sen says haven demand has dried up following the US-China trade truce.
However, he adds that the backdrop for gold remains supportive.
“China’s affinity for gold continues to strengthen, with a shift from physical to investment demand amid the challenging geopolitical backdrop,” Sen says.
“Trading volumes on Chinese exchanges surge, while inflows in gold-backed ETFs remain strong. This has pushed the onshore premium to US$50/oz in recent weeks.”
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
