ASX ends flat as tech stocks soar but ANZ tanks
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The news: The ASX ended flat for the second straight session after advances by tech stocks were offset by losses among some of the the big banks. ANZ sank mid-afternoon following a sudden increase in trading volumes that also led to a reversal of earlier gains by other major lenders.
Technology (1.9%) ended as the best performing sector. It followed a 2.3% surge by the tech-heavy Nasdaq index overnight, as each of the 'Magnificent Seven' stocks gained amid reports that new US levies from 2 April may exclude a set of sector-specific tariffs.
The financial sector ended flat but dragged on the wider market, as Westpac, National Australia Bank and ANZ all swung from positive to negative towards the end of the session. ANZ plunged 3.6% after being higher until around 2pm. CBA also pared earlier gains but still finished up for the day.
The ASX 200 closed 0.07% higher at 7,942.5, with eight out of 11 sectors finishing in green.
Biggest ASX 200 movers:
- Gold Road Resources (13.9%) — Rejected a $3.3 billion takeover bid from South Africa’s Gold Fields earlier this month as it materially undervalued the company.
- James Hardie Industries (-5%) — Downgraded by Macquarie after announcing the $14 billion acquisition of NYSE-listed The AZEK Company on Monday.
Other news:
- Ampol (-0.6%) — Outlined costs of around $35 million due to the impacts of Cyclone Alfred on its Lytton refinery earlier this month. Other oil stocks rallied as global prices held gains after US President Donald Trump threatened to punish any nation buying crude from Venezuela.
- Nickel Industries (-1.6%) — Said it expects a 20% uptick in earnings for the March quarter, despite a three-day closure at its 80%-owned Oracle Nickel operations in Indonesia due to unseasonable rainfall.
- Helia Group (1.4%) — Morningstar sharply lowered its fair value estimate on the stock after the company warned its lenders mortgage insurance contract with Commonwealth Bank is at risk.
The Australian dollar is buying 62.92 US cents.
