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Stock market in recovery but AUD slumps

Stock market in recovery but AUD slumps

The stock market showed signs of rebounding on Wednesday after five sessions of decline, even while the Australian dollar sank to its lowest point against the Greenback since the end of January.

The All Ordinaries Index grew 36.7 points by midday, but these gains had shrank to 23.3 points around an hour later. The S&P/ASX 200 was up over 30 points by around 2pm.

The energy sector rebounded after steep declines on Tuesday, http://www.cfoworld.com.au/news/533979/uranium-stocks-crash-for-second-day-from-japan/ gaining 200 points. Uranium producers also showed signs of recovery, with Energy Resources of Australia (ASX:ERA) stock growing 12.16% to $7.930.

The financial sector also saw gains for the first time this week, growing a slim 11 points by 2pm. Commonwealth Bank (ASX:CBA) grew 0.6% to $50.050, (ASX:ANZ) was up 0.13% to $22.660 and NAB grew 0.49% to $22.400, but Westpac (ASX:WBC) fell 0.04% to $22.580.

The materials sector also saw decent gains, growing 175.0 points. But the healthcare and consumer staples sectors continued to decline.

The Australian dollar has been shaken by investor uncertainty. By midday Wednesday it was worth 99.3 US cents, which ComSec analyst Stephen Daghlian said was the lowest level the AUD has been trading at since the end of January this year.

By 2pm, the dollar had fallen even further to $0.984.

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Tags energycommonwealth bankASXAustralian dollarANZASX:CBAASX:ANZASX:WBCASX:NABASX:ERA

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