RMD 0.63% $38.11 resmed inc

Australian shares fell to a three-week low on Wednesday, as...

  1. 68,069 Posts.
    lightbulb Created with Sketch. 460

    Australian shares fell to a three-week low on Wednesday, as financials and pharma stocks followed their U.S. peers after Wall Street was hit by President-elect Donald Trump's remarks on the U.S. dollar and drug pricing.

    The S&P/ASX 200 index (xjo) was 0.6 percent, or 36.32 points, lower at 5,663.1 by 0030 GMT. The benchmark has risen in line with U.S. indexes such as S&P 500 <.SPX> and Dow Jones Industrial Average <.DJI> since Trump's victory in November. (http://tmsnrt.rs/2jI6bru)

    "We had fairly negative lead from oversees markets and that combined with lower commodity prices has generated selling pressure in Aussie markets", said Michael McCarthy, chief market strategist with CMC Markets

    Trump said in an interview with the Wall Street Journal that the strength of the dollar was hurting competitiveness of U.S. companies.

    The President-elect's remarks pushed the greenback to four-week low and sent bond yields down as investors moved away from riskier assets.

    ASX financials index .AXFJ, which had gained more than 15 percent since the U.S. election, attracted some selling for the second straight session, ahead of Trump's inauguration on Friday.

    Financials underperformed other sectors, with "Big Four" banks driving the losses.

    Westpac (WBC) and ANZ (ANZ) shares flirted with one-month lows.

    Healthcare stocks also declined. Trump told the Washington Post that he would target companies over drug pricing and would replace Obamacare with a plan that would envisage "insurance for everybody".

    U.S.-exposed ResMed Inc (RMD) dropped 3.6 percent to a one-month low, while Mayne Pharma (MYX) and CSL Ltd (CSL) declined 3 percent and 1 percent, respectively.

    Iron miners including heavyweights BHP Billiton (BHP) and Fortescue Metals Groups (FMG) also lost ground, as Dalian iron ore pulled back from 3-year highs and copper eased on Tuesday. [IRONORE/]

    At the other end of the spectrum, gold and energy stocks rose as a weaker U.S. dollar helped gold and oil prices. [GOL/][O/R]

    SX gold index .AXGD gained 1.6 percent to a 2-month high, with Newcrest Mining (NCM) rising 1.2 percent, while Woodside Petroleum (WPL) hit over one-year highs in morning trade.

    New Zealand's benchmark S&P/NZX 50 index (nz50) fell 0.3 percent or 21.98 points to 7,040.98.

    Materials and consumer discretionary stocks led the losses, with Fletcher Building (FBU) falling 1.7 percent and web advertiser Trade Me Group (TME) dropping 2 percent to a near 1-month low.

 
watchlist Created with Sketch. Add RMD (ASX) to my watchlist
(20min delay)
Last
$38.11
Change
-0.240(0.63%)
Mkt cap ! $22.38B
Open High Low Value Volume
$38.50 $38.57 $37.66 $49.01M 1.287M

Buyers (Bids)

No. Vol. Price($)
1 6322 $38.11
 

Sellers (Offers)

Price($) Vol. No.
$38.12 8095 3
View Market Depth
Last trade - 16.10pm 27/11/2024 (20 minute delay) ?
RMD (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.