Australia's under-performing share market reversed early losses but remained underwater for the month and quarter as selling in the big banks offset gains in miners.
The ASX 200 reached the halfway mark four points or 0.1% ahead at 5674, just below last week's closing mark of 5682. The local index has been rangebound over the last three months despite record highs in the US. The index commenced the month at 5714 and quarter at 5721.
"So we close the page on September, with the ASX 200 down a touch and underperforming other developed markets for the month," IG's Chris Weston told Fairfax. "Certainly, when we see the S&P 500 eyeing a sixth consecutive monthly close higher and trading at all-time highs, there is an element of envy that the ASX 200 trading at the lower levels of the multi-month range and barely treading water."
This morning saw gains for metals & mining stocks +1.1%, materials +0.6% and utilities +0.5% largely cancelled by declines in energy -0.9%, health -0.3% and financials -0.1%.
China's Shanghai Composite put on 0.31% and Hong Kong's Hang Seng 0.2%, while Japan's Nikkei gave up 0.29%. Dow futures were recently up two points or 0.01%.
Crude oil futures were flat this morning at US$51.56 a barrel. Gold futures shed $1.80 or 0.19% to US$1,286.90 an ounce. The dollar was buying 78.42 US cents.
Bit of a dreary morning to end a directionless quarter. The XJO seems anchored to the lower band of its trading range, suggesting it's more likely to fall through a trapdoor than bust through the ceiling. I do wish it would get on with it. Missed a few half-chances through over-caution this morning but nothing to lose sleep over. House-keeping: I'm going to take Monday off to spend time with the family - @Keyser Soze if you're working Monday, any chance you could launch this spot please?
