ASX flat, but on pace for 1pct weekly gain

Derek Rose | November 4, 2022

The local share market is little changed after morning trade, with gains by the energy and mining sectors balancing losses by the big banks and CSL.

The benchmark S&P/ASX200 index was down two points, or 0.03 per cent, to 6755.9 at noon AEDT on Friday, while the broader All Ordinaries was down 0.5 points to 7050.1.

For the week the ASX200 was on track for a 69-point gain, a rise of 1.03 per cent. It also rose last week, by 1.6 per cent.

The energy sector was the biggest mover at midday on Friday, up two per cent, with Woodside up 2.5 per cent to $37.66 and Santos adding 1.5 per cent to $7.94.

In mining, BHP and Rio Tinto were both up 0.5 per cent, to $38.16 and $90.99, respectively, while Fortescue Metals had gained 1.2 per cent to $15.46.

Lithium miner Allkem had gained 5.0 per cent to $14.79 while rival Pilbara Minerals was up 2.5 per cent to $5.155.

In the heavyweight banking sector, CBA was down 1.6 per cent to $102.87, ANZ had dropped 0.9 per cent to $25.46 and NAB had retreated 0.7 per cent to $31.94. Westpac was the outlier, adding 0.1 per cent to $23.94.

Blood products giant CSL was down 1.1 per cent to $275.31.

PWR Holdings was up 1.0 per cent to $10.63 as the engine cooling company held its annual general meeting in Queensland. Managing director Kees Weel said the company expected to make a decision next month on a new Australian factory to support growth for the next decade.

The Australian dollar meanwhile had slipped against the greenback.

It was buying 62.91 US cents, from 63.68 US cents on Thursday.