The S&P/ASX200 edged back 37.40 points, or 0.45%, to 8,306.3 points in early trade this morning (19 May), led by the materials sector.
Over the past five trading sessions, the index has gained 0.91% and is 3.59% below its 52-week high.
Seven of the 11 sectors fell after the opening bell. Materials slipped 0.37%, utilities fell 0.34%, industrials started the day 0.05% lower and energy edged back 0.02%.
Gold was back on the way up this morning after recording its biggest weekly loss in six months as trade tensions eased.
The price of the precious metal was up over 1.3% at US$3,246 an ounce around 10.40am (AEST) today.
This saw gold major Newmont (ASX:NEM) advance 3.59% to $80.20, while aluminium producer Alcoa (ASX:AAI) added 2.7% to trade at $45.27 early in the session.
However, coal miner New Hope (ASX:NHC) tumbled 5.34% to $3.72 after releasing its results for the three months to the end of April.
While group saleable coal production was in line with the previous quarter at 2.8 million tonnes, underlying earnings before interest, taxes, depreciation and amortisation of $155.2 million was a 27% decrease quarter over quarter due to lower pricing.
Uranium producer Boss Energy (ASX:BOE), meanwhile, fell 4.03% to $3.57 and Champion Iron (ASX:CIA) retreated 3.56% to $4.61.
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 & Stock
