ASX looks set to snap 4-day winning streak

The local stock market is on track to break its four-day streak this morning amid a meltdown in the mining sector.

The benchmark S & P / ASX200 at noon AEDT on Friday fell 41.5 points, or 0.61%, to 6803.6. The broader All Ordinaries fell 48.6 points to 6,994.2, down 0.68%.

The ASX200 was still up 1.9% for the week, with few trading hours remaining.

The mining sector fell 3.2% at midday, putting it in step with its worst decline in a month, as the Australian Bureau of Statistics said exports fell in the September quarter for the first time since 2020.

Lower demand for iron ore from China led to a 16.9% drop in exports of “metal ores and scrap,” the ABS said.

BHP fell 4.0% to $ 37.89, Fortescue Metals fell 7.2% to $ 14.91, and Rio Tinto fell 4.1% to $ 88.79.

The ASX’s other heavyweight sector, financials, was up 0.7%.

Macquarie supported the industry, climbing 3.9% to $ 172.32 after reporting net income for the September quarter increased 13% to $ 2.3 billion.

CBA was up 0.7% to $ 103.10, NAB was up 0.4% to $ 32.03, Westpac was up 0.3% to $ 23.85, and ANZ was up 0.2% at $ 25.05.

In the healthcare sector, ResMed fell 5.2% to $ 33.85 as the medical device maker said its revenue increased 5% to $ 950 million for the three months. before September 30th, compared to a year ago.

Neighborhood centers were up 3.2% to $ 1.93 when the mall owner reaffirmed his lead and said first-quarter visits were up 86% from 2019 levels, with the people who spend $ 1.3 times more per visit.

“We were particularly pleased to see the improvement in Vicinity’s portfolio visit due to the continued recovery of CBD,” said CEO and CEO Grant Kelley.

Calix fell 15.3% to $ 4.64 after being told it lost $ 11 million in Australian government grants for its carbon capture project it was working on with Adbri to develop low-grade lime. emissions.

The Morrison government had promised the funds to Calix in May, but the new government canceled the program.

The Australian dollar was buying 64.57 US cents, down from 64.98 US cents at the close of the ASX on Thursday.

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