ASX 200 falls 0.3% in early trade; financials lead losses

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  • Australian equities started the day’s trading on a lower note as financials and energy stocks witness selling pressure
  • Seven of 11 sectors traded lower today, with financials sector leading the losses 
  • The benchmark index ASX 200 closed 0.94% lower at 6,700.20 points on Wednesday 

The Australian shares opened lower on the last trading session of this financial year following wobbly trade on Wall Street last night. The benchmark index ASX 200 fell 0.34% to 6,677.20 points in the first few minutes of trading on Thursday (30 June). On Wednesday, the benchmark index closed 0.94% lower at 6,700.20 points. The ASX All Ordinaries index was 0.23% lower at 6,862.0 points.   

Climate change talks at G7 summit-where are we headed? 

On Wednesday, the US stocks saw choppy trading as the market digested comments from top central bankers attending an annual conference in Europe and awaiting another series of the quarterly earnings report. The top central bankers attending the European Central Bank's (ECBs) annual conference have signalled yet another rate hike at the next policy meet in July.  

While speaking at the ECB conference, Fed chair Powell reportedly said that though rising interest rates carry a risk that we may go too far, the bigger mistake would be the failure in restoring price stability.   

Months have passed, but there seems to be no solution to the prevailing geopolitical situation, which has resulted in unabated inflation, soaring food prices and recession fears. Rising interest rates and the slowdown in global economic growth have impacted stock prices recently. Meanwhile, investors are in a wait-and-watch mode after a bruising first half to see what happens in the second half of this year starting Friday.  

On Wednesday, the three major US indices saw mixed trading. The S&P 500 closed 0.071% lower at 3,818.83 points. The Nasdaq Composite ended 0.033% lower at 11,177.89 points, while the Dow Jones Industrial Average was up 0.27% at 31,029.31points.   

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CSR Limited (ASX:CSR):  

CSR Limited shares were in focus today after the building products manufacturer announced via an announcement that it will start an on-market share buyback of approximately $100 million. As per the company, the share buyback will be in addition to its existing dividend policy.    

HRL Holdings Limited (ASX:HRL):  

The share price of HRL Holdings Limited remained on investors' radar on Thursday (30 June) after the environmental services company stated that it has signed a Bid Implementation Agreement with ALS Limited. As per the company under the said agreement, ALS will offer to acquire all HRL ordinary shares it does not already own via an off-market takeover at AU$0.16 cash per share (Offer).  

Market Action:   

Coming to the top ASX 200 gainers, Limited (ASX:CAR), Evolution Mining Limited (ASX:EVN) and Polynovo Limited (ASX:PNV) led the pack with 3.342%, 3.333%, and 2.857% gains, respectively. On the other side, Janus Henderson Group Plc (ASX:JHG), and Allkem Limited (ASX:AKE) were the biggest losers, falling 4.083% and 2.833%, respectively.   

On the sectoral front, Seven of 11 sectors traded lower today, where the A-REIT was the best performing sector. Sectors leading the losses include financial, materials, utilities, information technology and industrials down 0.68%, 0.60%, 0.46%, 0.30%, and 0.26% respectively. Two other sectors, healthcare and energy, were also seen trading in the red zone in the early morning trade. Overnight fall in oil prices, along with a dip in the price of precious metal gold, seems to have pulled down the energy and materials sector today.   

Shares of four banking giants-- Commonwealth Bank of Australia (ASX:CBA), Westpac Banking Corporation (ASX:WBC), National Australia Bank Limited (ASX:NAB), and Australia and New Zealand Banking Group Limited (ASX:ANZ) fell between 0.80-1.2%.   



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