Australian Shares Ease As Biden Cools Oil Prices

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Australian Shares Ease As Biden Cools Oil Prices
Credit: © Reuters.

By Oliver Gray 

Investing.com - The ASX200 fell just 0.06% during Friday’s midday trade, following losses of 0.2% in the previous session as U.S. President Joe Biden ordered an unprecedented release of emergency U.S. crude in a move to cool surging prices.

ASX 200 Futures were pointing 0.4% higher.

Among stocks, market participants sold Consumer Discretionary and Technology companies while Materials lifted.

JB Hi-Fi Ltd (ASX: JBH ) fell 0.5%, Domino's Pizza Enterprises Ltd (ASX: DMP ) lost 2.2% and Wesfarmers Ltd (ASX: WES ) dipped 1.4%.

Block Inc (ASX: SQ2 ) fell 3.3%, Megaport Ltd (ASX: MP1 ) dipped 1.1%, Codan Ltd (ASX: CDA ) fell 1.9% and Computershare Ltd. (ASX: CPU ) lost 1.1%. Novonix Ltd (ASX: NVX ) continued to buck the trend, gaining 3.7%.

Big miners supported market sentiment as Rio Tinto Ltd (ASX: RIO ) added 0.9%, BHP Billiton Ltd (ASX: BHP ) gained 1.2%, Fortescue Metals Group Ltd (ASX: FMG ) added 1.5%. Rare earth miners also surged after reports that President Biden invoked steps on Thursday to increase production of critical minerals and metals needed for advanced technologies like electric vehicles. Pilbara Minerals Ltd (ASX: PLS ) added 6%, Arizona Lithium Ltd (ASX: AZL ) gained 6.3%, Lake Resources NL (ASX: LKE ) gained 12.3% and Lynas Rare Earths Ltd (ASX: LYC ) added 1.6%

On the bond markets, Australia 10-Year rates were at 2.853%, while United States 10-Year yields were at 2.379%.

In New Zealand, the NZX 50 was down 0.4% to 12,062.

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