Australia Stocks and S&P/ASX 200 Drops At The End Of Trading

On Wednesday, Australia stocks were softer after the stock trading. It was due to the deficits in the IT, Consumer Discretionary, and Financials sectors that led the shares weaker.

At the end of trading in Sydney, the S&P/ASX 200 plunged 0.13%.

The best performers of the trading session on the S&P/ASX 200 were Independence Group NL, which soared 6.00% or 0.390 points to trade at 6.890 at the close.

Meanwhile, Newcrest Mining Ltd also increased by 4.03% or 1.240 points to end at 32.000 as well as Regis Resources Ltd that rose 3.70% or 0.160 points to 4.480 in late trading.

On the flip side, the worst performers of the session were Polynovo Ltd declined 8.13% or 0.165 points to trade at 1.865 at the end of the stock trading.

Pendal Group Ltd also dropped 5.32% or 0.480 points to end at 8.540 along with Pilbara Minerals Ltd that decreased 4.76% or 0.015 points to 0.300.

Meanwhile, falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 761 to 402, and 333 ended untouched.

Moreover, shares in Independence Group NL grew to 5-year highs; up 6.00% or 0.390 to 6.890.

The S&P/ASX 200 VIX, which is measuring the implied volatility of S&P/ASX 200 options, strengthened 3.14% to 13.018.

Oil Prices Dropped Gains Over Iran Rocket Attack

Elsewhere, oil prices are stable at 1% higher today.

Earlier in the day, peaks hit in chaotic trading after a rocket assault by Iran on American forces in Iraq.

The attack has raised the possibility of escalating Mideast conflict and disturbance to crude flows.

According to some analysts, market tension may ease as long as oil production facilities persist unchanged by attacks. Prices have given up just about all of their early gains.

Tweets made by the U.S. President Donald Trump, along with Iran’s foreign minister, also surfaced to signal a period of calm for now.

Meanwhile, Brent crude futures strengthen bt 73 cents, or 1.1%, to $69. The upsurge was after the earlier soaring to as high as $71.75. It is the most top record since mid-September 2019.

On the other side, the West Texas Intermediate crude futures added 53 cents, or 0.9%, to $63.23 a barrel.

Earlier it has hit a $65.85, the sharpest since late April last year.

Iran’s missile strike on U.S.-led forces in Iraq came early on Wednesday. It was hours after the funeral of Qassem Soleimani, the commander of the country’s elite Quds Force assassinated in a U.S. drone strike on January 3.