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ASX closes one point higher ahead of federal budget

On Monday, the sharemarket closed with minimal change as gains in consumer stocks counterbalanced losses in energy, setting a cautious tone ahead of the federal budget that could influence the Reserve Bank’s stance on maintaining high interest rates amidst inflation concerns. Despite fluctuations, the S&P/ASX 200 index ended just one point higher at 7750, with the broader All Ordinaries index also remaining unchanged; however, four out of the eleven sectors experienced declines during the session.


The Dow Jones futures are pointing to a rise of 6 points.

The S&P 500 futures are pointing to a rise of 5.75 points.

The Nasdaq futures are pointing to a rise of 39.5 points.

The SPI futures are up 1 point.

Best and worst performers

The best-performing sector was Consumer Discretionary, up 0.52 per cent. The worst-performing sector was Energy, down 0.73 per cent.

The best-performing large cap was Meridian Energy (ASX:MEZ), closing 3.15 per cent higher at $5.56. It was followed by shares in JB Hi-Fi (ASX:JBH) and Mercury NZ (ASX:MCY).

The worst-performing large cap was IGO (ASX:IGO), closing 3.28 per cent lower at $7.66. It was followed by shares in Seven Group Holdings (ASX:SVW) and Boral (ASX:BLD).

Asian markets

Japan’s Nikkei has lost -0.13 per cent.

Hong Kong’s Hang Seng has gained 0.46 per cent.

China’s Shanghai Composite has lost 0.20 per cent.

Commodities and the dollar

Gold is trading at US$2,356.90 an ounce.

Iron ore is trading flat at US$116.25 a tonne.

Iron ore futures are pointing to a 2.42 per cent rise.

Light crude is trading $-0.06 lower at US$78.20 a barrel.

One Australian dollar is buying 65.99 US cents.