Australian shares opened flat on Wednesday, defying a lower close on the S&P 500. The ASX was boosted by banking giants and mining companies, while the Australian dollar fell to its lowest point this year.
Australian shares opened flat on Wednesday even as the S&P 500 closed lower, as banking giants and miners lifted the index. The ASX rose marginally to 8319.10, up 0.06 per cent. The All Ordinaries Index also rose 0.06 per cent. The index opened with a broad sell-off across most sectors, with energy, utilities and consumer staples leading the fall. The performance from banks was mixed, with Westpac and ANZ up 25 per cent and 12 per cent respectively. Commonwealth Bank slipped 0.2 per cent.
Mining giants also lifted the index, with BHP up 0.3 per cent, Fortescue up 0.8 per cent and Rio Tinto up over 1 per cent. Industrials also provided a boost. The Australian dollar dropped overnight to its lowest level this year, continuing a downward trajectory as a gloomy outlook for commodity exports weighs on domestic shares. The Aussie dropped 0.6 per cent overnight to 63.35 US cents, while the US dollar strengthened overnight. Insignia fell 1 per cent after the financial services giant rejected Bain Capital’s $4-a-share takeover bid. Data3 extended losses from Tuesday. Shares fell a further 3.5 per cent at the open. Vulcan Energy rose 1.4 per cent after the company signed a €879 million ($1.4 billion) loan commitment with Export Finance Australia and a group of seven commercial banks for the financing of its €2.2 billion Phase One Lionheart Project in Germany. DigiCo extended gains after the stock recovered some initial losses on Tuesday following last week’s listing. KKR’s $2.2 billion deal for Perpetual’s wealth and corporate trust business has been hit by another setback after an independent expert cast doubt on the deal
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