Key facts
- Australian shares were largely flat on Tuesday.
- Gold miners, general miners, and consumer stocks experienced declines.
- Banking and technology stocks provided support to the market.
- WiseTech Global saw an 8.1% increase in its share price.
- Healthcare stocks reached their highest level in approximately two and a half months.
Australian shares traded flat on Tuesday, with the S&P/ASX 200 index down 0.1% to 8,824.70 by 0012 GMT. Losses in gold, mining, and consumer stocks were counterbalanced by gains in the banking and technology sectors. WiseTech Global, a software company, saw its shares climb as much as 8.1% after appointing Raelene Murphy as its independent chair, while co-founder Richard White maintained his executive roles.
Gold stocks fell 1.5% as bullion prices weakened, with Australia's largest gold miner, Northern Star Resources, declining 1.2%. The broader mining sector lost 0.7%, led by a 0.9% drop in iron ore giant Rio Tinto. Consumer staples also slipped 0.1%, with supermarket chains Woolworths and Coles falling 0.4% and 0.5%, respectively.
Financials provided support, rising 0.4%, with the "Big Four" banks seeing gains between 0.2% and 0.3%. Technology stocks advanced 0.7%, mirroring overnight gains on the Nasdaq. Healthcare stocks climbed 0.7% to their highest level in about two-and-a-half months, driven by investor rotation into the sector.
Investors were closely monitoring discussions between the U.S. and Iran regarding shipping through the Strait of Hormuz and the recovery of Gulf oil exports. Market focus was also on the minutes of the U.S. Federal Reserve's June meeting, due Wednesday, for insights into the rate outlook. In New Zealand, the benchmark S&P/NZX 50 index rose 0.2%, with attention turning to the Reserve Bank of New Zealand's policy meeting on Wednesday, where economists polled by Reuters expect an interest rate hike.