The Australian sharemarket was trading marginally higher at Wednesday lunchtime following a lacklustre session on Wall Street overnight as investors closely watch the dramatic developments in China.
The S&P/ASX200 was up 18 points, or 0.3 per cent, at 7271.30 at noon AEDT, with coal miners leading the gains. Miners Whitehaven and New Hope were up 7.6 per cent and 4.7 per cent, respectively, amid rising demand for the fossil fuel as the Northern Hemisphere heads into winter.
Investors are closely watching the developments in China, and whether the civil unrest will force the government to ease COVID restrictions.Credit:NYSE
Iron ore miners gained after base metal prices rose amid investor hopes that China will reopen and curb COVID restrictions in response to the biggest wave of protests across the country since 1989. Market heavyweight BHP climbed 1.9 per cent, Rio Tinto added 1.1 per cent and Mineral Resources jumped 4.7 per cent.
Fortescue Metals had a positive start to the day, but started to drop off as trading entered the afternoon. The stock was up just 0.4 per cent shortly after midday. The $60 billion iron ore company announced on Tuesday that former Woodside Energy executive Fiona Hick would be appointed as CEO, ending its search for a new CEO since Elizabeth Gaines vacated the role last December.
Oil and gas producer Woodside started another day in the red, down 0.8 per cent to $36.55 after a mixed day for global oil prices. Santos also dipped, dropping 0.7 per cent.
Star Entertainment’s shares started to slide after news broke that financial watchdog AUSTRAC was taking the casino giant to Federal Court as part of civil penalty proceedings for alleged systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing laws. Star’s shares were down 0.7 per cent by midday, trading at $2.68.
Overnight in the US, stocks ended an unsteady day with mixed results as gains for energy companies were offset by losses in technology and other sectors.
Trading was patchy as investors closely watch developments in China and economic data amid worries about stubbornly hot inflation. The S&P 500 slipped 0.2 per cent and the tech-heavy Nasdaq lost 0.6 per cent. The Dow Jones Industrial Average ended just barely in the green and small-company stocks rose.
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