ASX opens lower, Boss Energy drags energy sector
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More news: Australian shares opened lower in early trade dragged down by technology and energy sector. The benchmark ASX fell 0.16% or 13.7 points to 8,571 at 10:56am AEDT with seven sectors in the red.
Boss Energy (-21.88%) was the worst performing stock across the ASX 200 after the withdrawal of its Honeymoon uranium project on faulty production assumptions.
Bapcor (+2.53%) was the biggest gainer in early trade after appointing Chris Wilesmith as the new CEO.
Real Estate (+0.59%) was the best performing sector across the ASX 200 led by Scentre Group (+1.08%), Charter Hall Group (+1.22%) and Vicinity Centres (+1.39%).
Tech (-2.17%) was the worst performing sector across the ASX 200 as NextDC (-4.09%), Life360 (-3.46%) and Codan (-3.81%) slumped in early trade.
Australian shares to open flat as Wall Street tech sell-off deepens
The news: Australian shares are set to open flat after Wall Street indices fell overnight, weighed down by technology stocks amid ongoing concerns about an AI bubble.
The numbers: Updated at 7:25am AEDT:
- ASX futures: up 7 points, or 0.08%, to 8,587.
- Wall Street: Dow Jones down 0.33%, S&P 500 down 0.97% and Nasdaq down 1.46%.
- Europe: CAC 40 down 0.25%, DAX down 0.48% and FTSE 100 up 0.92%.
- Spot gold: up 0.89% to USD4,341 per ounce.
- Oil prices: Brent up 2.07% to USD56.41/bbl and US WTI up 2.09% to USD56.43/bbl.
- AUD: down 0.40% at 66.04 US cents.
- Bitcoin: up 1.94% to USD86,096.
The context: The S&P 500 and Nasdaq are at three-week lows, dragged down by ongoing market concerns about the broader technology sector taking on more debt to develop artificial intelligence.
Tech giants Nvidia (-3.4%), Broadcom (-5.5%) and Oracle (-5.9%) dragged the sector lower.
However, energy stocks rose as oil prices climbed after US President Donald Trump ordered a blockade of sanctioned Venezuelan oil tankers.
In the local market, ANZ will hold its annual general meeting at 9am AEDT.
