Banks, miners drag ASX lower
The ASX 200 dropped 18.20 points or 0.21 per cent to 8,505.50 on a quiet day of trading.
The broader All Ordinaries slipped 17.90 points or 0.20 per cent to 8,723.50.
Australia's dollar traded down against the US dollar and is now buying 64.83 US cents. Five of the 11 sectors rose but falls in banks and mining shares dragged the market lower. NewsWire / Jeremy Piper Credit: News Corp Australia
On a mixed day for investors, strong gains out of the utilities and healthcare sectors were offset by falls from the big banks and miners.
CSL shares jumped 0.63 per cent to $240.21, Pro Medicus gained 1 per cent to $276.81 and ResMed added 1.40 per cent to $39.16 on a strong day for the healthcare sector.
Commonwealth Bank fell from a record high close on Thursday, down 0.2 per cent to $182.53. National Australia Bank slipped 0.5 per cent to $38.91, while Westpac came off 1.1 per cent to $33.21 and ANZ dropped to 2.5 per cent to $28.39.
It was a mixed day for the big miners, with BHP eking out a small gain up 0.22 per cent to $36.21, while Rio Tinto fell 1.33 per cent to $102.17 and Fortescue dropped 0.54 per cent to $14.69.
Overall five of the 11 sectors closed higher despite the market falling.
On a reversal of trade in recent days, the price of oil and gold fell after the White House said US President Donald Trump would decide on strikes on Iran 'within the next two weeks' alleviating fears of an immediate escalation in the Middle East crisis.
The price of crude oil futures fell 2.9 per cent to $US76.50 a barrel on the news, while gold futures also dropped 1.4 per cent to $US3,362 an ounce. Healthcare shares are on the rise on an overall weak day of trading: NewsWire / Christian Gilles Credit: News Corp Australia
AMP head of investment strategy and chief economist Shane Oliver said stocks remained at 'high risk' of a pullback as markets grappled with multiple economic concerns.
'Global and Australian shares have seen a strong rebound from their April lows – but they remain at high risk of a sharp near term pull back as the risk of an oil supply disruption flowing from the war with Iran is high and Trump's tariff threat is far from resolved,' he said.
'On the tariff front it is notable that the 9th July tariff deadline is rapidly approaching and no deals have been struck beyond that with the UK, with indications that some countries may end up with tariffs well above 10 per cent.'
In company news, Pointsbet Holdings announced a temporary pause in trading.
It comes as rival sports wagering company Betr announced a renewed takeover bid in what it is calling a superior proposal for Pointsbet compared to Japanese gaming giant Mixi.
Web Travel shares are in the red down 0.44 per cent to $4.50 after announcing former Virgin Australia chief executive Paul Scurrah and JB Hi Fi director Melanie Wilson would be joining the board as independent non-executive directors.
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