ASX edges lower, down 0.3 pct at noon

Derek Rose | May 31, 2022

The local share market is modestly lower after two days of strong gains, although oil producers and miners were defying the dip.

The benchmark S&P/ ASX200 index was down 20 points, or 0.27 per cent, to 7,265.7 at noon, while the broader All Ordinaries was down 18.3 points, or 0.24 per cent, to 7,504.3.

Eight of the ASX’s 11 official sectors were lower at midday, while energy, materials and consumer staples were slightly up.

Tech stocks were the biggest loser after Monday’s rally, collectively falling 1.3 per cent. Tyro Payments was down 5.3 per cent, Praemium had fallen 6.8 per cent and Afterpay owner Block was down 3.4 per cent. 

Santos was up 1.5 per cent and Beach Energy was up 3.5 per cent after the European Union agreed to phase-out most Russian oil imports, pushing Brent crude prices to a two-month high of $US122. Woodside was down, however, falling 0.6 per cent.

Tabcorp was down 2.1 per cent to 94.75 cents after the sports betting company announced a number of senior management and board changes following the spin-off of its lottery and Keno business.

Straker Translations was up 1.8 per cent to $1.15 after the Kiwi artificial intelligence translation company announced annual revenue was up 78.5 per cent to $NZ55.9 million, beating guidance of $50 million.

Queensland construction company Wagners was up 13.5 per cent to a one-month high of $1.35 after securing a $140 million contract to supply 67,000 precast concrete segments for a 9.8km rail tunnel to the new Western Sydney Nancy-Bird Walton Airport, set to open in 2026.

Manufacture of the segments will begin this year and finish in early 2024.