After hitting a five and a half week high on Monday, it was another choppy performance for the local share market.
A warning of higher than expected inflation by a Reserve Bank official this morning didn’t help, opening the door slightly wider for a potential rate hike in coming months.
Tech and resource stocks were the hardest hit while banks and telcos gained ground.
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Goldmine and Northern Star and oil and gas producer Beach Energy both rose, however, after handing down their quarterly results.
NextDC plunged after slashing its profit forecast for the year. That was due to a power supply delay at a key Melbourne data centre.
Our market’s largest company, BHP, added to Tuesday’s losses.
Copper production has fallen more than expected in recent months due to maintenance work and bad weather. Chemist Warehouse owner Sigma also fell after saying it’s noticed a dip in spending on ladies’ fragrances and vitamins due to cost of living pressures.
The Aussie dollar has strengthened, buying around 70.1 US cents.
This article is published as part of a paid partnership with the CommSec.
Facts and dates are correct at the time of publication. This is general information only and does not constitute personal financial advice. Consider seeking advice from a qualified financial professional before making financial decisions.
