The Australian sharemarket slipped from Monday\u2019s record high as investors weighed the potential impact of rising oil prices amid escalating conflict in the Middle East.<\/p>\n
The S&P\/ASX 200 Index fell 0.3 per cent, or 24.50 points, to 9176.40 at 10.15 am AEDT, with eight of the 11 sectors weaker.<\/p>\n
Energy stocks continued to limit the damage on the ASX with Brent climbing 6.7 per cent to $US77.74 per barrel at the open, while natural gas gained 3.5 per cent to $US2.96 as Qatar shut down liquefied natural gas production at the world\u2019s largest export facility after it was targeted in an Iranian drone attack.<\/p>\n
\u201cThe markets are treating the war between the US, Israel and Iran as a significant but relatively manageable and brief supply shock,\u201d Capital.com senior market analyst Kyle Rodda said.<\/p>\n
Ampol provided the main support as it added 2.2 per cent, along with uranium miners with Deep Yellow up 3 per cent and Paladin 2.8 per cent. Investors appeared to profit take ASX-listed oil stocks with Woodside down 0.5 per cent after an opening bump, while Santos fell 0.4 per cent and Beach Energy 0.4 per cent.<\/p>\n
The major banks rebounded from losses on Monday as Westpac added 0.1 per cent, Commonwealth Bank 0.4 per cent, ANZ 0.9 per cent, and National Australia Bank 1.1 per cent.<\/p>\n
Qantas extended losses for a second day as it fell 2.6 per cent. It came as UAE-based Etihad Airways and Emirates resumed a limited number of flights overnight. DroneShield climbed 1.6 per cent as it continued to benefit from conflict in the Middle East.<\/p>\n
After strong gains on Monday from a bump in gold prices, miners retreated with Newmont down 3.7 per cent, Northern Star 3.3 per cent and Genesis Minerals by 1.2 per cent.<\/p>\n
Stocks in focus<\/p>\n
In company news, family tracking app Life360 rallied 4.3 per cent after its maiden annual net profit bettered analyst expectations, reporting net income of $US150.8 million ($212 million) for the full year ended December 31.<\/p>\n
Treasury Wine Estates fell 0.2 per cent as French billionaire Olivier Goudet lifted his stake in the Penfolds owner to 7.13 per cent from 6.13 per cent previously.<\/p>\n
Stockland retreated 1.2 per cent as it finalised documentation to establish a 50\/50 partnership with EdgeConneX to develop, own and operate a portfolio of data centres across Australia.<\/p>\n
Capstone Copper dropped 5.3 per cent with record revenue and adjusted EBITDA failing to meet market expectations.<\/p>\n","protected":false},"excerpt":{"rendered":"The Australian sharemarket slipped from Monday\u2019s record high as investors weighed the potential impact of rising oil prices…\n","protected":false},"author":2,"featured_media":310098,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-310097","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/310097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=310097"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/310097\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/310098"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=310097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=310097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=310097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}