ASX ends session down in a mixed day for traders
Last updated: 4:50pm AEST
The Australian share market ended the day in negative territory, after clocking up early morning gains.
The S&P/ASX200 closed lower, dropping 34.20 points or 0.53% to 6,462.00 and setting a new 50-day low.
The broader All Ordinaries index fell 36.70 points or 0.55% to 6,659.80.
The Materials and Energy Sector lost their early trading gains, however coal shares remained a bright spot.
Investors rushed to buy Whitehaven Coal Limited (ASX:WHC) and New Hope Corporation Limited (ASX:NHC), after Macquarie upgraded its outlook for thermal coal prices.
Whitehaven Coal shares rose as much as 7.9% to a day’s high of AU$9.14 by afternoon, only a few cents shy of their 52-week peak of AU$9.33.
New Hope shares surged as much as 8.7%, hitting a day’s high of AU$6.23 to come within a striking distance of their 52-week peak of AU$6.46.
ASX reverses morning gains
Last updated: 1:30pm AEST
The Australian share market slid back after opening in positive territory, dragged down by mining stocks, which have reversed their morning gains.
After shrugging off pre-market expectations and opening 0.2% higher this morning, the S&P/ASX200 has since dropped back into negative territory, down 53.60 points or 0.83%, to 6,442.60.
The All Ordinaries is lower, down 61.00 points or 0.91% to 6,635.50.
The Materials Sector dropped into negative territory, down 0.6%.
The Energy Sector remains buoyant, up over 1%; led by several coal mining stocks, which have surged after Macquarie upgraded its thermal coal outlook.
Meanwhile, Australian media company, HT&E Ltd (ASX:HT1) saw its shares rise as much as 7.5% to a high of AU$1.29 in morning trading, before retreating to about AU$1.25.
It comes as HT&E moves forward with its share repurchase program, with management viewing the stock as undervalued.
Energy stocks push ASX higher
Last updated: 11:00am AEST
The Australian share market has shrugged off pre-market expectations and opened 0.2% higher this morning.
Shares eased back slightly in later trading, but the S&P/ASX200 still remained 0.14% higher for the day, sitting at 6,505.20.
The broader All Ordinaries index was also in positive territory, gaining 10.20 points or 0.15% to 6,706.70.
The Energy and Materials Sectors led the gains, continuing to rebound from their Monday declines.
The Energy Sector was up more than 3%, while the Materials Sector was up around 1.2%.
Meanwhile, Motorcycle Holdings (ASX:MTO) shares continue their strong run, rising around 1.5% in morning trading. Its shares rose almost 5% to $2.56 on Tuesday, driving gains over the past three months to over 25%.
The consumer stock has soared since the motorcycle and accessories dealer announced plans to acquire Mojo Group.
Pre-market breakdown
Australian shares are set to open lower this morning, after a mixed day on Wall Street overnight.
ASX futures were down 0.66% to $6,463.00 at around 6am AEST.
It follows on from modest gains across the Australian market yesterday, led by the resurgent Energy and Materials sectors.
The S&P/ASX200 closed up Tuesday, gaining 0.41% to settle at 6,496.20, while the broader All Ordinaries index also finished the day in the green, gaining 0.43% to finish at 6,696.50.
It was another volatile trading session across U.S. markets overnight. The Dow Jones Industrial Average (DJIA) fell by 0.43%, while the S&P 500 (SPX) declined by 0.21%. Meanwhile, the NASDAQ 100 (NDX) saw a surprise gain of 0.16%.
Ahead of Monday’s local market opening, the Australian dollar was around 0.35% lower, sitting at about US0.64c.
Brent Crude was down around 2.3%, at around US$86 a barrel.
Gold was down slightly by about 0.4%, sitting around $US1628 an ounce.
Iron ore was down around 1.4%, to $US99.5 a tonne.
Meanwhile, Bitcoin was down by around 0.5%, to about AU$29,500.
Market watch
Eyes will be on Motorcycle Holdings (ASX:MTO) shares to see if their strong run continues today.
Its shares rose almost 5% to $2.56 on Tuesday, driving gains over the past three months to over 25%.
The consumer stock has soared since the motorcycle and accessories dealer announced plans to acquire Mojo Group.
