Australian shares nudged lower minutes after the open, tracking Wall Street lower as investors awaited China’s economic growth target.
The S&P/ASX 200 slipped 0.3 per cent, or 20 points, to 77715.8, retreating from an intraday record high on Monday. The All Ordinaries also eased 0.3 per cent.
Utilities weighed the most while materials, energy, and healthcare were the only sectors in the black. Gold miners offset losses as prices of the precious metal shot up to their highest in three months.
St Barbara jumped 6.2 per cent, Ramelius Resources rallied 5 per cent and Evolution Mining added 4.2 per cent.
Mining heavyweights BHP, Rio and Fortescue advanced more than 1 per cent but the major banks retreated.
Balance of payments data will be released at 11.30am, with forecasts indicating a return to surplus at $5.6 billion in the December quarter, from a deficit of $200 million in the prior quarter.
“The trade balance is estimated to have recovered as exports were boosted by stronger commodity prices,” Commonwealth Bank said in a note.
The focus will also be on the net export contribution to gross domestic product (GDP) following a sharp downside surprise to inventories on Monday.
GDP data will be released on Wednesday, with forecasts suggesting economic activity grew 0.3 per cent in the December quarter, from the third quarter, taking the annual expansion to 1.4 per cent, from 2.1 per cent a year ago.
China will reveal its gross domestic product goal and may announce moderate economic stimulus plans at its two-day annual parliament meeting, which kicks off on Tuesday.
“Premier Li Qiang is expected to repeat last year’s growth target of about 5 per cent, but in the absence of last year’s tailwind from the pandemic rebound, that will be hard to achieve,” said Taylor Nugent, a senior economist at National Australia Bank.
Stocks in focus
Coles, Endeavour Group, Iluka Resources, Lovisa, Origin Energy and Worley shares all trade ex-dividend on Tuesday.
Healius was the index’s top performer, up nearly 12 per cent after it was announced that Paul Anderson will step in as chief executive, following Maxine Jaquet’s resignation from the troubled pathology group.
Pharmaceutical group Telix eged up 0.6 per cent on plans to buy Canadian tech ARTMS in a $126 million deal.
Share registry company Link Administration inched up 0.2 per cent after announcing that its redress scheme following the collapse of LF Woodford Equity Income will become effective on Tuesday.
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