ASX 200 closes up 0.2% in volatile session

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Highlights

  • In a volatile trading session, ASX 200 recovered from its morning dip to close higher for the first time this week, up 0.2% to 7064.7.
  • Big miners rebounded strongly, health care and property sectors closed strongly higher.
  • Investors await US inflation data, that is likely to depict how aggressively Federal Reserve will raise rates.

As sinusoidal trends continue across global share markets, investors are keenly eying key gravitational forces that seem to be threatening a global economic slump. For instance- China’s lockdowns, supply chain disruptions, rising interest rates and geopolitical turmoil. Besides, central banks’ stringent measures to curb rising inflation has kept investors tense.

How did ASX 200 perform?

The Australian share market was set to edge higher with futures towards market open pointing to a loss of 9 points. But the day proved to be a volatile one, starting with the 0.8% morning dip. The ASX 200 was up 0.1%, or 7 points, to 7058.2 with less than half an hour left of trading.

Eventually, the benchmark index managed to close higher for the first time this week, up 0.19% or 13.50 points to 7064.7, after setting a new 50-day low. Big miners rebounded and the health care and property sectors also closed strongly higher. Over the last five days, the index has lost 3.29% and sits 4.54% above its 52-week low.

On the sectoral front, seven of 11 sectors ended higher. Health care was the best performing sector, gaining +1.74% and rebounding from its recent decline. This sector is off -0.58% for the past five days.

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Who gained? Who lost?

The top performer today was Lifestyle Communities Limited (ASX:LIC), up over 15%. The company reaffirmed its forecast to deliver 1,100 to 1,300 new home settlements and 450 to 550 resale settlements attracting a deferred management fee between FY22 and FY24.

It was followed by Life360 (ASX:360), up over 5%. Other gainers of the day were Polynovo Limited (ASX:PNV), Nanosonics (ASX:NAN) and The A2 Milk Company (ASX:A2M).

On the other side, in the red zone of the ASX 200, Link Administration (ASX:LNK) was the biggest laggard, its stock down over 15%. The Company stated that it is not aware of any reason for the decline in the share price and the elevated trading volumes today. Other stocks in this zone were Chalice Mining (ASX:CHN), Healius Limited (ASX:HLS), National Australia Bank (ASX:NAB) and Zip Co (ASX:ZIP).

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Asian and global market

Asian shares squeezed higher today, from close to two-year lows hit yesterday. The dollar held steady, ahead of the US inflation data, that is likely to depict how aggressively the Federal Reserve will raise rates.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.8%. Japan’s Nikkei gained 0.3%. Chinese blue chips led Asia’s gains, rising 2% as officials stated that half of Shanghai had achieved “zero Covid-19” status.

Elsewhere, European markets were set to open higher. Nasdaq futures added 0.8% and S&P 500 futures gained 0.4%.


 


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