ASX's flat start to new financial year
The S & P/ASX 200 finished Tuesday's trading down just 1.20 points or 0.01 per cent to 8,541.10.
The broader All Ordinaries also lost just 1.00 points or 0.01 per cent on Tuesday to 8,772.00.
Australia's dollar continues to appreciate, with the local currency passing the 65.5 US cents overnight. Currently, $1 is buying 65.81 US cents.
Five sectors finished in the green led by technology, consumer facing shares and utilities, while a further six traded lower. The ASX traded flat to star the new financial year. Picture Newswire/ Gaye Gerard. Credit: News Corp Australia
The ASX 200 started the new financial year on a positive note, adding 34 points to reach a high of 8,576 during early trading only to slide back to trading flat by the close.
This was despite a strong lead-in from Wall Street overnight where the S & P rose by 0.5 per cent, while the Dow Jones industrial average added 0.6 per cent and the tech heavy Nasdaq composite reached a new high, up 0.5 per cent.
Australia's tech sector was among the major winners with accounting software provider Xero up 1.2 per cent to $182.03. Life360 jumped 4.4 per cent to $33.59, Dicker Data added 1.3 per cent to $8.18.
The major four banks had a mixed day of trading on Tuesday.
Bourse heavyweight Commonwealth Bank Australia (CBA) lost 1.2 per cent to $182.58, while NAB added 0.9 per cent to $39.70 and Westpac eked out a 0.03 per cent gain to $33.87.
ANZ added 2.5 per cent to $29.89.
Both consumer staples and consumer discretionary gained throughout the days trading. Retail shares were among the bright spots during Tuesday's trading. NewsWire / Max Mason-Hubers Credit: News Corp Australia
Woolworths finished up 0.42 per cent to $31.24, while Coles ended the day in the green trading 0.19 per cent higher to $20.88.
JB Hi Fi gained 0.21 per cent to $110.58 while Harvey Norman shares jumped 1.52 per cent to $5.35 and Breville climbed 1.97 to $30.07.
Morningstar director of equity research Johannes Faul said a combination of wages growth and savings rates moving back to normal will all help lift the retail sector.
'Retail sales momentum is building thanks to rising incomes and abating headwinds.
'We believe households have mostly reset their behaviours and expect headwinds from a rising savings rate and a consumption shift to more services to be less pronounced.'
'Although the overall outlook is positive, we expect some categories to fare relatively better.'
In company news Medibank Private soared 5 per cent to an intraday high of $5.31 during early trading after Morgan Stanley upgraded its rating on the business to 'overweight'.
Shares closed up 2.38 per cent to $5.17.
Shares in buy now pay later provider Zip also jumped 4.6 per cent $3.21, for a sixth day of gains as it eyes its year-to-date high of $3.32.
HMC Capital plummeted 17.3 per cent to $4.22 after the fund manager gave an update about its energy transition portfolio and announced new leadership.
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