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S&P/ASX 200 in the red after Victoria joins Sydney in lockdown

US Treasury Secretary Janet Yellen said on Thursday that she expects the U.S. economy will see “several more months of rapid inflation.

Brookside Energy Ltd - S&P/ASX 200
The US consumer price index, which measures costs for a wide range of items, increased 5.4% in June compared to last year, the fastest pace in nearly 13 years.

S&P/ASX 200 (INDEXASX:XJO) dipped 1 point below the flatline to 7335 by about 12.50 pm as NSW recorded 97 new locally acquired cases of COVID-19 in the 24 hours to 8pm last night, while Victoria reported 10 cases.

Exposure sites identified in Melbourne include the Wallabies game against France at AAMI Park and the Carlton-Geelong game at the MCG.

In response to the infections, Victoria entered a snap five-day lockdown at midnight.

Bank, tech stocks fall

Commonwealth Bank (ASX:CBA) was the weakest of the Big Four bangs, down 0.47%.

Buy-now-pay-later (BNPL) companies including Afterpay (ASX:APT) (-1.71%) are continuing to suffer for the third day on news that Apple could be entering the BNPL market.

Rio Tinto reports production slip

Iron ore miner Rio Tinto fell 0.70% after flagging a quarterly production slip at its Pilbara operations.

Iron ore production is down 9% to 75.9 million tonnes (vs Q2 2020), while iron ore shipments are down 12% to 76.3 million tonnes.

New Zealand Consumer Price Index (June Quarter) gained 1.3% with annual inflation lifting to 3.3%, the fastest annual growth rate since 2011.

Top gainers

Today’s top gainers on the ASX include Brookside Energy Ltd (ASX:BRK) (+8.33%), Nexus Minerals Ltd (ASX:NXM) (+7.14%), Platina Resources Limited (ASX:PGM) (+7.14%), Roots Sustainable Agricultural Techn Ltd (ASX:ROO) (+8.33%) and Zelira Therapeutics Ltd (ASX:ZLD) (+6.52%).

Proactive news headlines:

Brookside Energy readies for production at Jewell Well, kicks off planning for Rangers Well

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