National
ASX pulls back from early gains as bank stocks retreat, Nasdaq hits a fresh high – ABC News
The Australian share market retreats from early gains, as bank stocks fall into the red. Reporting season continues, with Suncorp announcing increased net profit while seeing cash earnings fall by a third.
Despite a strong start, the Australian share market lost all its momentum throughout the day as investors traded cautiously.
Key points:
- The ASX 200 rose in early trade but falls for the big four banks saw it reverse course
- Suncorp shares surged after it reported increased net profit, despite cash earnings declining
- Overnight, the Nasdaq hit a record high and the Dow Jones and S&P 500 made modest gains
The ASX 200 slipped by 0.1 per cent to close at 6,111…
