The benchmark S&P/ASX 200 index dipped slightly by 2.3 points, or 0.04 per cent to 6681.9 at the end of the session, while the broader All Ordinaries index was able to add 2 points, or 0.03 per cent to a position of 6955.7.At the beginning of the day, local stocks were quick to mimic falls felt on Wall Street, which sustained sell-offs from market jitters over the election run-offs in the US state of Georgia that could see the Senate tip in favour of the Democrats.
NAB’s head of FX strategy, Ray Attrill also noted the US market sell-off showed “tax, regulatory and bond market concerns evidently won out over the prospect of higher stimulus-driven growth”.Australia’s materials sector was the key winner of Tuesday with Newcrest Mining, Silver Lake Resources and Lynas Rare Earths benefiting from strong gold prices. At 4.30pm , the spot gold price was $US1939.89 per ounce.
“Despite the slight revival of USD strength overnight, gold prices remained largely supported into Tuesday,” Ms Pan said in an investor note. ANZ dropped 0.3 per cent to $22.97 per share while the other Melbourne-based bank NAB closed the day down 1.05 per cent to $22.69 per share. Major miner Rio Tinto ended the trading day higher, rising 2.1 per cent to $117.79 per share, while its main rival BHP jumped 2.9 per cent to $44.30 per share. Fortescue Metals rose 1.6 per cent to $15.62 per share.