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ASX down 0.13% near noon: Financials is worst performing sector

Australian shares opened lower with a 0.2% decline in the S&P/ASX 200, attributed to a 1.1% drop in financials, driven by downgrades from Macquarie on the big four banks, while the materials sector rose by 1.5% due to rebounds in iron ore miners Rio Tinto, BHP, and Fortescue, following three-month lows earlier this week.

At noon, the S&P/ASX 200 is 0.13 per cent lower at 7,719.00.

The SPI futures are pointing to a fall of 7 points.

Best and worst performers

The best-performing sector is Materials, up 1.71 per cent. The worst-performing sector is Financials, down 1.62 per cent.

The best-performing large cap is Evolution Mining (ASX:EVN), trading 6.43 per cent higher at $3.395. It is followed by shares in South32 (ASX:S32) and BHP Group (ASX:BHP).

The worst-performing large cap is REA Group (ASX:REA), trading 3.08 per cent lower at $181.48. It is followed by shares in Yancoal Australia (ASX:YAL) and Westpac Banking Corporation (ASX:WBC).

Commodities and the dollar

Gold is trading at US$2178.60 an ounce.

Iron ore is 2.9 per cent lower at US$107.15 a tonne.

Iron ore futures are pointing to a 0.2 per cent fall.

One Australian dollar is buying 66.24 US cents.