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ASX up 0.12% near noon: Best performer is Consumer Discretionary

The S&P/ASX 200 opened with a 0.2% increase, driven by gains in retail and healthcare sectors despite declines in energy and resources.

This positive trend mirrored Wall Street’s performance following slightly higher-than-expected US inflation data, with the S&P 500 reaching a record high close, while bond yields rose and oil prices dipped. Analysts suggest that while the CPI data hints at ongoing inflation moderation, continued strength could delay the anticipated US Federal Reserve rate cut, potentially disappointing market expectations.

At 11:30am, the S&P/ASX 200 is 0.12 per cent higher at 7,722.

The SPI futures are pointing to a rise of 22 points.

Best and worst performers

The best-performing sector is Consumer Discretionary, up 0.72 per cent. The worst-performing sector is Materials, down 0.53 per cent.

The best-performing large cap is ResMed (ASX:RMD), trading 2.24 per cent higher at $29.16. It is followed by shares in Mercury NZ (ASX:MCY) and Pro Medicus (ASX:PME).

The worst-performing large cap is Newmont Corporation (ASX:NEM), trading 2.72 per cent lower at $51.45. It is followed by shares in Meridian Energy (ASX:MEZ) and Yancoal Australia (ASX:YAL).

Commodities and the dollar

Gold is trading at US$2163.60 an ounce.

Iron ore is 1.8 per cent higher at US$110.30 a tonne.

Iron ore futures are pointing to a 0.9 per cent fall.

One Australian dollar is buying 66.10 US cents.