Middle East tensions push up energy stocks, but ASX still losing ground

The Australian sharemarket extended its losses at midday, with escalating tensions in the Middle East pushing up the energy sector but weighing heavily on the rest of the bourse.

Northern Star Resources was the best performer among the ASX large-cap stocks, followed by Santos and Evolution Mining . GQG Partners shares tumbled 4.2 per cent, making them the worst performing mega-cap, followed by WiseTech . Reece and Fortescue shares both dipped 3.4 per cent.Qantas shares slipped 3.3 per cent after the airline told the ASX its chairman-elect John Mullen would start in the role earlier than expected, as the company’s outgoing chair Richard Goyder prepares for a fiery Woodside annual general meeting.

The S&P 500 Index fell 11.09 points, or 0.2 per cent, to end the trading session at 5011.12 – its fifth straight loss and the longest losing streak since October. The benchmark has now pulled back more than 4 per cent from its record high.

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Middle East tensions push up energy stocks, but ASX still losing groundThe Australian sharemarket fell for the seventh time in the past eight days after the US labour data released overnight reaffirmed expectations interest rates would likely be higher for longer.
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