Australian Shares Dip In Early Trade

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Australian Shares Dip In Early Trade
Credit: © Reuters.

By Oliver Gray

Investing.com - The S&P/ASX 200 fell 0.72% in early deals Friday, reversing gains of 0.52% in the previous session as heavyweight miners weighed on the market amid weaker commodity prices, while technology stocks lifted, tracking a positive close on the tech-heavy Nasdaq Composite overnight.

In coronavirus news, New South Wales tallied 1284 cases as lockdown restrictions begin to ease across the country amid surging vaccination rates, while Victoria recorded a near outbreak high of 510 as health authorities noted that the peak of the Delta outbreak is still yet to come, amid expectations of hundreds more hospitalisations in coming weeks and months.

Among stocks, the materials sector declined as Iron ore prices extended 10-month lows, falling by a further 8.1% overnight. Rio Tinto Ltd (ASX: RIO ) lost 3.25%, BHP Billiton Ltd (ASX: BHP ) fell 3% and Fortescue Metals Group Ltd (ASX: FMG ) plummeted 8.46%. Meantime, the technology stocks advanced, with Afterpay Touch Group Ltd (ASX: APT ) up 2.68% and Wisetech Global Ltd (ASX: WTC ) adding 3.12%. Iress Ltd (ASX: IRE ) dropped 11.23% after news that suitor EQT wouldn’t be proceeding with a takeover offer.

On the bond markets, local 10-year bond yields were near 9-week highs of 1.303% while U.S 10-year treasury yields were at 1.338%.

In New Zealand, the NZX 50 added 79.02 points or 0.6% to 13158.53.

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