The ASX pared back its earlier gains to rise just 0.1% today.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.1% to 5242 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.1% to 5294 points
- AUD/USD at US 72.05 cents
- Iron Ore at US$49.11 a tonne, according to the Metal Bulletin
- Gold at US$1,121.51 an ounce
- Brent oil at US$50.35 a barrel
Local shares picked up where they left off yesterday, soaring as much as 1.4% early in the session. However, it gradually lost all of those gains, ending the day just 0.1% higher.
It was the banks that acted as the key drag in the afternoon, with most of the majors recording declines for the day. National Australia Bank Ltd. (ASX: NAB) fell the hardest, losing 0.6%, while Commonwealth Bank of Australia (ASX: CBA) rose just 0.2%.
The miners also lost steam as the day went on. BHP Billiton Limited (ASX: BHP) recovered 2% but Rio Tinto Limited (ASX: RIO) ended the day just 0.5% higher.
The Australian dollar also rose, likely due to the Reserve Bank's upbeat statement on monetary policy yesterday. A December interest rate cut is now considered unlikely.
Allumina Limited (ASX: AWC) was the market's top performing stock, jumping 5.8%. Echo Entertainment Group Ltd (ASX: EGP), on the other hand, shed 6.3%.
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- 5 key takeaways from CSR Limited's half-year report
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