The Australian sharemarket managed to trim its losses after a poor start to the day but still ended in the red, with iron ore miner Fortescue’s shares copping a severe beating.
The Australian sharemarket picked up a touch after a dire start to the trading day but still closed in the red, with a sell-off in big mining stocks weighing heavily on the benchmark index’s performance.
Pharmaceutical giant Ramsay Health endured a torrid trading session, with the company’s shares closing 4.3 per cent weaker after it announced that it had poached senior Woolworths executive Natalie Davis to replace its outgoing managing director Craig McNally. Wall Street posted a mixed session as US investors brace for a slew of Big Tech earnings reports and the Federal Reserve’s decision on interest rates.US investors will be keeping a close eye on the latest numbers from a number of technology heavyweights, with Microsoft, Facebook and Instagram’s owner Meta, Apple and Amazon to report their earnings.
ON Semiconductor helped support the US sharemarket as its shares jumped of 11.5 per cent after the supplier to the auto and other industries reported stronger profit for the spring than analysts expected. The gains helped offset slides in the shares of oil and gas companies, which were some of the heaviest weights on the market after the price of oil sank toward where it was two months ago. ConocoPhillips lost 1.6 per cent, and ExxonMobil fell 1 per cent, amid worries about how much crude China’s faltering economy will burn.
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