The Australian sharemarket experienced a decline from record highs, primarily due to investor concerns regarding the Reserve Bank's potential delay in interest rate cuts, expected to remain steady at 4.35 per cent for the seventh consecutive meeting. At 11:40am, the S&P/ASX 200 is 0.68 per cent lower at 8,153.90. Consumer stocks suffer the most following regulatory action against major supermarkets Woolworths and Coles. Key companies like BHP and Rio Tinto also reported declines, while Webjet saw a significant drop. Notably, REA Group’s shares slipped after raising its bid for UK’s Rightmove, whereas Austal’s stock rose following a substantial US Navy contract. Other notable movements included Telix Pharmaceuticals’ decline after a major acquisition announcement, and Fletcher Building entering a trading halt for a capital raising initiative.
The SPI futures are pointing to a fall of 55 points.
Best and worst performers
The best-performing sector is Information Technology, up 0.48 per cent. The worst-performing sector is Staples, down 2.69 per cent.
The best-performing large cap is Atlas Arteria Group (ASX:ALX), trading 2.95 per cent higher at $4.88. It is followed by shares in NextDC (ASX:NXT) and Newmont Corporation CDI (ASX:NEM).
The worst-performing large cap is Coles Group (ASX:COL), trading 3.28 per cent lower at $18.59. It is followed by shares in Woolworths Group (ASX:WOW) and Treasury Wine Estates (ASX:TWE).
Commodities and the dollar
Gold is trading at US$2642.10 an ounce.
Iron ore is 1.3 per cent lower at US$91.35 a tonne.
Iron ore futures are pointing to a 2.9 per cent fall.
One Australian dollar is buying 68.21 US cents.
