The Australian market has shrugged off this morning’s low, gaining ground after falling 0.6 per cent in early morning trade.
The technology sector is the main contributor to the dip, steering the market slightly lower today as it fell 1.44 per cent, with the S&P/ASX 200 retreating 3 points or 0.040 per cent by midday trade.
Helping gain ground on today’s losses were Energy, up 1.49 per cent, Materials, up 1.63 per cent and Utilities, up 0.98 per cent, sectors.
What’s driving the market
The Australian stock market is following in the footsteps of Wall Street, where a recent tech sell-off has driven the Nasdaq closer to a correction.
The Dow was down 4.8 points (-0.01 per cent) to close at 36,231.66 on Friday while the tech-heavy Nasdaq had its worst week since February 2021, down 4.5 per cent in the first five trading days of 2022. The S&P dropped 19 points or 0.41 per cent.
However, the dominating mining and energy sectors were assisting in keeping the Australian share market from falling further.
The Energy sector is leading growth this morning, with Energy Resources of Australia and Oilex enjoying gains in the market, up 8.11 per cent to 40 cents and 33.3 per to 0.4 cents respectively.
Novonix has also enjoyed gains on the market this morning as it announced the start of its Nasdaq listing process. The battery materials and technology firm are up 7.38 per cent to $10.04
Materials stocks witnessed gains on the market; BHP was up 2.46 per cent, FMG witnessed a 2.92 per cent bump to its stock, while South 32 was 4.21 per cent in the green.
Renascor Resources jumped 12.9 per cent after announcing the completion of the commercial-scale milling equipment trials for its planned graphite mine and battery anode manufacturing operation in South Australia.
On the Utilities front, Carnegie Clean Energy has enjoyed a 25 per cent bump to sit at 3 cents while AGL Energy stock grew 7.64 per cent to $6.76 per share.
Complii Fintech Solutions, Kingfisher Mining and E79 Gold Mines all enjoyed double-digit growth, growing by 13.5 per cent, 16.7 per cent and 10.4 per cent respectively.
Careteq made its debut on the market this morning, but the health-technology company fell 25 per cent.
Bucking the trend of gains in the Materials sector, Element 25 was down 10 per cent, Carnaby Resources was down 14.9 per cent after it announced it had discovered broad high-grade copper gold at its Nil Desperandum Prospect within the Greater Duchess copper gold project in Mt Isa, Queensland.
Zeta Resouces was down 15.6 per cent, also in the red was Superior Resources which dropped 17.8 per cent.
Oil has dropped, which Brent crude retreating 18 US cents or 0.22 per cent to US$81.57 a barrel.
Gold also dipped slightly. Gold shed US$2.30 or 0.13 per cent to US$1,795.10 an ounce.
The dollar was up 0.16 per cent to 71.90 US cents.