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Local markets drift lower as Consumer and Energy stocks weigh on the index

Australian equities ignored the US lead and drifted lower and into negative territory over the morning session with the S&P/ASX 200 trading down 0.34 per cent, weighed down by consumer discretionary and energy stocks.

The SPI futures are pointing to a fall of 27 points.

Energy stocks traded lower as oil prices drifted lower overnight with Woodside down 1.2 per cent at 29.89 and and Santos down 0.8 per cent at $7.44.

In other stock news Fisher & Paykel Healthcare was trading 6 per cent higher on news the Company had upgraded its earnings guidance for FY’24.

Best and worst performers

The best-performing sector is REITs [XPJ], up 0.96 per cent. The worst-performing sector is Energy [XEJ], down 1.24 per cent.

The best-performing large cap is Fisher & Paykel Healthcare Corporation (ASX:FPH), trading 4.94 per cent higher at $23.56. It is followed by shares in Meridian Energy (ASX:MEZ) and Mercury NZ (ASX:MCY).

The worst-performing large cap is South32 (ASX:S32), trading 1.68 per cent lower at $2.93. It is followed by shares in Qube Holdings (ASX:QUB) and Atlas Arteria (ASX:ALX).

Commodities and the dollar

Gold is trading at US$2206.90 an ounce.
Iron ore is 3.9 per cent higher at US$110.65 a tonne.
Iron ore futures are pointing to a 1.86 per cent rise.
One Australian dollar is buying 65.70 US cents.