Aussie shares flat at noon as earning season continues

The ASX200 started off the morning with light losses of up to 22 points, before treading even more modestly into the green in the second hour of trading.

Capital.com analyst Kyle Rodda said that the market's volatility was reducing as market participants became reacquainted with the narrative of progressive disinflation and resilient growth in the United States.

Six of the ASX's 11 sectors were lower at midday and five were higher. 

Utilities was the biggest mover, up 1.9 per cent as Origin Energy rose 3.0 per cent.

The consumer staples sector was down 1.4 per cent as A2 Milk plunged 17.9 per cent to a four-month low of $5.755 after releasing its 2023/24 results.

The dairy company grew its full-year profit by 7.7 per cent to $167.6 million but downgraded guidance and said its supplier, Synlait, was having to air-ship product into China.

Reece was down 3.9 per cent to $26.05 as the plumbing product distributor announced its 2023/24 sales were up three per cent to $9.1 billion.

"Reece delivered a solid result in a challenging environment in FY24, supported by the teams' ongoing disciplined execution," said chief executive Peter Wilson.

The big four banks were mixed, with CBA down 0.4 per cent and ANZ dipping 0.1 per cent, while Westpac had grown 1.6 per cent and NAB had climbed 0.9 per cent.

In the heavyweight mining sector, BHP and Rio Tinto were both down 0.1 per cent, while Fortescue had dropped 0.8 per cent.

Goldminers were higher after the precious metal surged to an all-time high of $US2,509 an ounce late on Friday.

Evolution was up 3.4 per cent, Newmont had added 0.8 per cent, and mid-tier miner Resolute had climbed 8.3 per cent.

The Australian dollar was at a one-month high against its US counterpart, buying 66.82 US cents, from 66.35 US cents at Friday's ASX close.