CANBERRA: The Australian share market was trading in negative territory at noon, hurt by healthcare and energy companies, plus retail giant Woolworths, as investors await closely- watched inflation data.
The benchmark S & P/ASX 200 index was down 0.37 per cent to 5,513.1 points at 12.36pm (AEST) after hitting an 11-month high yesterday on the back of Woolworths’ restructuring news. The broader All Ordinaries index was down 19.3 points, or 0.34 per cent, at 5,588.2 points. The local market is mimicking falls on Wall Street, which fell as oil prices weighed on energy stocks. The local consumer price index, which is due tomorrow, could indicate whether the Reserve Bank of Australia is likely to cut its key interest rate on August 2.
Biotechnology powerhouse CSL was the biggest faller among Australia’s 20 biggest companies by market capitalisation, down $1.72 to $119.14. Ramsay Health Care fell 84 cents to $77.91. Energy behemoth Woodside Petroleum dropped 32 cents to $27.03 after oil prices fell more than two per cent overnight. Origin Energy lost 17 cents to $5.77. Meanwhile, gold miner Newcrest Mining fell 83.5 cents to $22.58. Woolworths shares fell 66.5 cents to $23.63 following yesterday’s strong gains on investor hopes that the worst is behind the group.
