ASX 200 falls again in Tuesday morning trade with healthcare stocks dragging the Australian share market lower

486

A global sell-off has pushed Australian shares lower again at the open, with healthcare and energy shares dragging on the market, and the banks and miners flat.

The benchmark S&P/ASX200 index is down 18.6 points, or 0.3 per cent, at 6,081.7 at 1030 AEST on Tuesday, while the broader All Ordinaries is down 21.2 points, or 0.34 per cent, at 6,197.4, extending losses into consecutive sessions after the local market had suffered its worst day in six months on Monday.

The Aussie is buying 70.76 US cents, up from 70.60 US cents at Monday’s close, but still lingering around multi-year lows.

Continued weaknesses in US and European equity markets are again taking a toll locally, with the yield on the 10-year Treasury note, which hit a seven-year high last week, keeping Wall Street on edge.

The local financials sector is flat, with ANZ and Westpac up 0.93 and 0.42 per cent, and NAB unchanged, while Commonwealth Bank shares are down 0.03 per cent to $69.33 after it announced a remediation program for deceased estates, having charged 12 accounts with unauthorised financial advice fees.

The heavyweight materials sector was also flat despite copper and iron ore prices firming, with giants BHP up 0.49 per cent to $34.67, and Rio Tinto up 0.48 per cent to $79.41.

The softening overnight aluminium price was having a mixed effect, with South32 up 0.13 per cent but Alumina Ltd down 0.35 per cent, while a dip in the gold price hit Newcrest Mining, down 1.22 per cent, but not Northern Star or Evolution, which were slightly higher.

Energy stocks were down after oil prices dropped sharply, then recovered ground, overnight, while industrials and infotech were also down in early trade.

Healthcare giant CSL, down 0.88 per cent to $195.395, weighed heavily on the sector.

Meanwhile, Ramsay Health Care’s French subsidiary has raised its bid for European private hospital operator Capio by 20 per cent to $1.28 billion.

The Port of Newcastle has been ordered by the ACCC to reduce its charges for ships entering the port to carry coal for Glencore , in a big win for the global miner.

The Australian Bureau of Statistics is expected to release livestock slaughter rates data at 1130 AEST.

With AAP 

Here’s how you can strike it rich in the share market

The best way to strike it rich in the share market is to buy shares that are not only cheap, but growing quickly.

Combining countless hours of research with over 30 years of hands-on stock market investing experience, The Capital Club’s founder Bruce Jackson has just published his definitive list of 3 Cheap and Good ASX Stocks for 2018.

Best of all, the report is absolutely free, exclusively for readers of The Capital Club.

In this comprehensive free report, you’ll find the name of one ASX gold stock that’s not only profitable, but trading at less than 4 times forecast profits.

You’ll also discover the name of a company one fund manager has called the cheapest stock in the ASX 100, and you’ll read about the three catalysts that could push the share price higher in the next six months.

Finally, the report names one of the cheapest retailers trading on the ASX, a company that just picked up the assets of a distressed competitor on the cheap, paying just 2 times earnings. No wonder one top fund manager thinks its share price could at least double.

With the share prices of each of these 3 companies having the potential to double or more, you’ll want to act now. Simply click here or the button below, enter your email address, and this free report will be instantly sent to you.

See the 3 stocks

Read Next

Here are 6 of the best dividend stocks on the ASX for 2018 and beyond

Here are 10 ASX 200 shares to beat the traditional blue chips over the next 3 years

5 ASX blue chip shares for 2018 and beyond

Top fund manager names this iconic company as “the cheapest stock in the ASX 100”

Contributors to this article may own shares in some of the companies mentioned in this article. The Capital Club has a thorough disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
Lauren Surplice is a keen follower of the stock market, investing in individual companies and funds. She follows the daily stock market news, covering the ASX stocks that are moving the markets. You can contact Lauren at laurens@thecapitalclub.com.au