The ASX reversed yesterday's gains as consumer stocks plumbed multi-month lows after Woolworths announced a 'drought-relief' range and Premier Investments' profit disappointed.
The ASX 200 fell 12 points or 0.2% to 6177 mid-session. The consumer staples sector wore the burnt, falling 1.3% to a three-month low after WOW revealed plans to raise milk prices to support farmers. The consume discretionary sector shed 1.1% after Solomon Lew's PMV missed its profit target by 20%.
Offsetting declines were rises in gold stocks +3.7%, metals & mining +1.7% and health +1.6%. The financial sector dipped 0.2%.
Asian markets edged higher after Chinese Premier Li Keqiang told the World Economic Forum China had the tools to cope with its economic challenges. Read more here. The Shanghai Composite rose 0.04%, Hong Kong's Hang Seng 0.47% and Japan's Nikkei 0.02%. S&P 500 futures were recently ahead 1.5 points or 0.05%.
Crude oil futures tacked on 55 cents or 0.77% this morning to US$71.67 a barrel. Gold futures advanced $3 or 0.25% to US$1,211.30 an ounce. The dollar was buying 72.57 US cents.
Trading: bungled a trade in 4DS. First buy was too high. Second was low enough for a profitable average but I suffered a loss of nerve and bailed for brokerage. Man up, laddie. Scraped a wafer-thin win out of the precarious CAG. Bread and water for lunch.
