The ASX Today: Mining, healthcare drag Oz market, even as tech rebounds

Good afternoon and welcome to The ASX Today. It’s Tuesday, Week 30, and today the Australian share market has been trading modestly lower, with weakness across banking and healthcare outweighing a rebound in tech.

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The market is down 0.2 per cent as investors continue assessing the inflation risks of higher oil prices following renewed tensions in the Middle East. Brent is holding around US$89 a barrel as traders monitor disruptions to Saudi Arabian exports after Houthi rebels threatened to blockade a key route through the Red Sea. Gold is slightly weaker, trading around US$4,000 an ounce.

Healthcare was the main laggard; CSL down 1.1 per cent, while Pro Medicus has tumbled 5.6 per cent after JPMorgan downgraded the stock to neutral.

Mining, meanwhile, has been quite mixed Tuesday. BHP has edged 0.3 per cent higher, while Rio Tinto has slipped 0.4 per cent and Fortescue is down 1 per cent. Lithium names are also weaker, with Mineral Resources falling 2.6 per cent and Liontown Resources down 5.9 per cent.

Tech is one of the few bright spots after a healthy rebound in global tech shares. TechnologyOne has gained 1.6 per cent, Megaport is up 2.9 per cent and NextDC has climbed 3.6 per cent after increasing its contracted capacity to 740 megawatts following a series of new customer wins.

In Tuesday’s news, Hub24 has fallen 4.5 per cent despite reporting record platform net inflows of almost 19 billion dollars for the financial year, lifting funds under administration 20 per cent to more than $164 billion.

Telix Pharma is down 1.7 per cent on a second-quarter revenue of US$247M, leaving the company on track for the upper end of its full-year sales guidance.

And just finally for the day, Qantas has edged slightly higher after Morgan Stanley reaffirmed its overweight rating on the airline and lifted its price target, citing the long-term potential of Project Sunrise.

That’s The ASX Today. Thanks for watching, and I’ll see you tomorrow.

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