Australian shares fall despite mining stock rebound

Summarised from 2 outlets · Updated 9 Nov, 02:26 · Archive

The Australian share market fell 0.35 per cent on Monday as investors worried about artificial intelligence and US technology stocks.

Australian shares fell 0.35 per cent on Monday, with the S&P/ASX200 losing 31.9 points to 8988.9 by midday. Investors adopted a cautious approach after a sharp sell-off in US technology stocks, and amid broader uncertainty about artificial intelligence and interest rate prospects.

Mining stocks provided some support. Raw materials rose 1.8 per cent in a broad-based rally, with coal and uranium stocks also gaining. BHP shares firmed to $58.64 as copper prices rebounded for a second session, and spot gold improved to $US4110 an ounce, taking the gold sub-index 2.3 per cent higher.

However, most sectors struggled. Eight of eleven local sectors traded lower by lunchtime, led by a 1.5 per cent drop in financials. ANZ was the worst of the big four banks, tumbling more than four per cent to $38.61, despite handing down a $7.3 billion annual net profit, up 23 per cent and its best result in years.

Moomoo chief market strategist Tapas Strickland said Australia's lack of exposure to advanced technology was making it more attractive to investors. The local benchmark had gained 2.6 per cent since the end of September, shielded by investors pivoting towards major banks, supermarkets and telecommunications companies. By contrast, the S&P 500 had tumbled 3.6 per cent over the same period.

How it is being reported

• Australian shares dip in wary start to weekA rebound in mining stocks hasn't been enough to lift the ASX as artificial intelligence uncertainty and the interest rate outlook hamper investor confidence.Perth Now · 9 Nov, 02:09
• Australian shares dip in wary start to weekA rebound in mining stocks hasn't been enough to lift the ASX as artificial intelligence uncertainty and the interest rate outlook hamper investor confidence.The West Australian · 9 Nov, 02:09

In this story: ASX · ANZ · BHP · Australia

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