The ASX is down 34.6 points (0.4%) at the open following the Federal Reserve move’s to keep rates on hold despite the urging of US President Donald Trump to cut the official benchmark as resources companies lead the index into declines.
Energy and mining stocks have had sidewards movement over the last weeks as Australian investors begin to assess shareholdings of ASX companies on the eve of reporting season in Australia.
Beach Energy (ASX:BPT) fell sharply in early trade, down 10.27% to $1.157 following the release of its fourth quarter activities report.
Mineral Resources (ASX:MIN) shed $2.49 (7.95%) in the opening hour of trade and is currently $28.33 despite releasing its quarterly activity statement that was positively received on July 30.
The Australian dollar is down against the major currencies and is buying 64.45 US cents.
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 Dan Petrie at Mining.com.au
Images: ASX
