Afternoon update: ASX down 0.55% as Israel launches ground operations

 

The ASX has reached a 12-month low at midday on Monday due to investor concerns that the Israel-Hamas conflict may lead to a regional war, prompting a shift away from equities.

Israeli forces launched ground operations against Hamas in Gaza on Sunday, as part of a second-phase effort led by Prime Minister Benjamin Netanyahu to defeat the Palestinian militant group.

The S&P/ASX 200 is currently trading 0.55 per cent lower at 6,789.10.

Futures

The SPI futures are down 39 points.

Best and worst performers

The best-performing sector is Information Technology, up 0.9 per cent. The worst-performing sector is Energy, down 1.98 per cent.

The best-performing large cap is Newmont Corporation (ASX:NEM), trading 3.08 per cent higher at $61.33. It is followed by shares in Xero (ASX:XRO) and Evolution Mining (ASX:EVN).

The worst-performing large cap is IGO (ASX:IGO), trading 9.86 per cent lower at $9.60. It is followed by shares in Whitehaven Coal (ASX:WHC) and Pilbara Minerals (ASX:PLS).

Asian markets

Japan's Nikkei has lost 1.23 per cent.
Hong Kong's Hang Seng has lost 0.60 per cent.
China's Shanghai Composite has gained 0.38 per cent.

Commodities and the dollar

Gold is trading at US$2,012.90 an ounce.
Light crude is trading $1.00 lower at US$84.53 a barrel.
One Australian dollar is buying 63.56 US cents.
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Source: Finance News Network