ASX 200 opens higher; Materials & Information Technology lead gains

Image Source: © Webking | Megapixl.com

Highlights

  • ASX 200 benchmark index was marginally higher, up 5.80 points at 7,026.40 at 10:23 AM AEST today (9 August 2022).
  • In last five trading days, the index has gained 0.40%.
  • ASX 200 has been taking cues from the Wall Street that ended on a rather mixed note on Monday.
  • While, Materials, Information Technology and Utilities marked gains, Energy, Consumer Discretionary and A-REIT lead losses.   

The S&P/ASX200 was just 5.80 points or 0.08% higher to 7,026.40 points at 10:23 AM AEST on Monday. The Australian stock market has been tracking the Wall Street that posted mixed sentiments on Monday on inflation woes and concerns regarding how the Federal Reserve is going to handle it. On the other hand, a  stronger than expected US jobs report is also impacting the performance of the Wall Street for a while.

Key pointers from Market Open

  • The benchmark S&P/ASX200 index opened a tad higher today, 0.08% to 7,026.40 points.
  • The top performing stock in this index was Champion Iron Limited, up 4.02%.
  • Over the last five days, the index has gained 0.40%, but is down 5.62% on year to date basis.
  • Materials was the best performing sector, gaining 2.99%, followed by Information Technology, up by 2.53% as of 10:23 AM AEST.
  • Energy was 2.21% down, Consumer Discretionary was 1.64% lower, Industrials was 1.04% lower and A-REIT sector was 1.23% lower.
  • The top performing stocks featured Champion Iron Limited and Chalice Mining, up 4.016% and 1.775% higher respectively (as of 10:23 AM AEST).

News Makers

  • Megaport Limited (ASX:MP1) – In its annual performance report, the software and services giant has reported 40% rise in revenue to AU$109.7 million. Loss from ordinary activities after tax was 12% down and net loss for the year was also 12% lower. Total number of customers rose 16%.
  • Charter Hall Long Wale REIT (ASX:CLW) – In its annual report, CLW has delivered a statutory profit of AU$911.9 million, operating earnings rose 4.5% to AU$207.2 million and net tangible assets increased 18.2%.
  • National Australia Bank Limited (ASX:NAB) – NAB has delivered AU$1.85 billion of unaudited statutory net profit, AU$1.80 billion on cash earnings as per its third quarter trading update. Revenue rose 2%, expenses increased 1%.
  • News Corporation (ASX:NWS) - News Corp has reported 31% rise in EBITDA to US$1.67 billion for the full year. The revenue rose 11% to US$10.39 billion and net income rose 95%.

Global equity Indices

The major stocks on Wall Street ended rather flat on Monday. Also, the dollar was weak followed by a fall in US government bond yields. 

While the Nasdaq Composite lost 0.1%, S&P 500 shed off 0.12%. The Dow Jones Industrial Average crawled up 0.09% on Monday.

In European markets, STOXX 600 ended 0.75% higher, recovering from Friday losses.

The US consumer prices report for July month is due Wednesday and the recently released, least expected, robust US employment data has increased the stakes for the same. The report could see a further rise in inflation and even more aggressive Federal Reserve interest rate hikes.

On Monday, the benchmark US Treasury 10-year yield notes fell to 2.751%. Two-year yields were at 3.211%.

Commodities:

As of 8 August, 19:57 PM AEST, Crude Oil WTI was quoted at US$90.42/bbl while Brent was at US$96.58/bbl.

Gold was at US$1,805.45 an ounce as at 8 August, 19:57 PM AEST.


 


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