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AU Evening Wrap | ASX Hits Record High Despite Slump in Rio Tinto and BHP

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Moomoo News AU wrote a column · Sep 18 02:18
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ inched up less than 0.1% to 8142.1, marking a third consecutive record high after a day of fluctuating gains and losses. The index traded within a narrow 40-point range, closing just 1.2 points higher.
Anticipation of an interest rate cut by the U.S. Federal Reserve contributed to the cautious trading. Gains in financial, utility, and energy stocks were offset by declines in iron-ore miners $Fortescue Ltd (FMG.AU)$, $BHP Group Ltd (BHP.AU)$, and $Rio Tinto Ltd (RIO.AU)$, which fell between 0.3% and 0.9%. Banks $CommBank (CBA.AU)$, $Westpac Banking Corp (WBC.AU)$, and $National Australia Bank Ltd (NAB.AU)$ rose between 0.2% and 1.4%.
AU Evening Wrap | ASX Hits Record High Despite Slump in Rio Tinto and BHP
AU Evening Wrap | ASX Hits Record High Despite Slump in Rio Tinto and BHP
AU Evening Wrap | ASX Hits Record High Despite Slump in Rio Tinto and BHP
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Mining Stocks Decline with Lower Iron Ore Prices
Shares in major mining companies fell as iron ore prices dropped in Shanghai after a two-day holiday in China, following disappointing economic data. Rio Tinto slipped 0.5%, BHP eased 0.1%, and Fortescue fell 0.3%. Iron ore futures in Singapore retreated 1.5% to $90.80.
Energy Shares Steady Amid Middle East Tensions
Energy shares remained stable with oil prices as investors assessed the impact of a deadly attack in the Middle East. Brent crude futures eased to $73.34 per barrel, while U.S. crude fell 0.5% below $71. Beach Energy and Santos were up 0.2%. Analysts are cautiously monitoring developments but remain skeptical of a significant supply shock.
Woodside and BlueScope Steel Announce Strategic Agreements
Woodside rose 0.2% after securing a 10-year LNG sale contract with Japan's JERA. BlueScope Steel gained 0.6% following an agreement to test green iron production with Israel's Helios Project.
Mixed Performance for Banks Amid US Interest Rate Speculation
The big banks showed mixed performance with ANZ down 0.5% and Macquarie Group falling 1.7% as it considers selling its stake in Wavenet. National Australia Bank rallied 1%. Traders are focused on US interest rates, with a 63% chance of a 50 basis point cut, though strong August retail sales data challenges this view.
Source: Dow Jones Newswires, AFR, ASX
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