IT slump offsets modest gains
Modest gains in financials, consumer discretionary and industrials have softened the blow of an IT and health care stock sell-off in a weak start to the week.
Australia’s share market had a bland session as investors weighed progress in US-Iran peace talks, while the local IT sector was hit by a significant stock plunge.
The S&P/ASX200 fell 12.6 points, or 0.14 per cent, to 8,816.1, as the broader All Ordinaries lost 16.1 points, or 0.18 per cent, to 9,031.2.
Iran talks and oil in focus
A dip in oil prices was not enough to send the market higher, as the US and Iran agreed to a road map towards a final peace deal within 60 days.
Crude prices are back to where they were mid-last week, despite spiking overnight after US President Donald Trump threatened further attacks, prompting Iran to claim it had re-closed the Hormuz Strait.
Financials and miners mixed
Financials carved a 0.5 per cent improvement, led by strong insurer performances, while the big four banks saw modest gains ahead of key inflation and jobs data due later in the week.
The materials sector was sluggish, as BHP continued its slump.
Fellow mega miners Fortescue and Rio Tinto were also in the red as copper and iron ore futures struggled to rebound from recent weakness.
Gold stocks helped counterbalance some of the weakness, the All Ordinaries gold sub-index advancing 1.8 per cent as the precious metal recovered to around $US4,200 an ounce.
