Is S&P/ASX 200 Index Headed For Uptrend?

  • Mar 26, 2019 AEDT
  • Team Kalkine
Is S&P/ASX 200 Index Headed For Uptrend?

As per media reports, around $22 billion of investors wealth was wiped out in S&P/ASX 200, after the global sell-off. The S&P/ASX 200 Index on Monday, March 25, 2019, opened at $6195.20 and closed at $6126.20 (down 1.11%). It made day’s high at $6195.2 and day’s low at $6113.2.

In sectoral performances, IT and Energy were the worst performers with a decline of 4.03% and 3.37%, respectively. Other sectors such as Financials, Materials, Industrials, Healthcare, Consumer Discretionary, Consumer Staples, and Utilities fell by 1.26%, 0.97%, 0.95%, 0.93%, 0.77%, 0.72%, and 0.66%, respectively. Only two sectors reported returns in green, i.e. Real Estate, and Communication Services with upside return of 0.2% and 0.03%, respectively.

The major reason has been attributed to global concerns over economic growth (due to trade war) and the potential of the US recession weighing on investor sentiments. Markit’s purchasing managers index (PMI) for US manufacturing fell to 52.5 in March 2019 from 53.0 in February 2019 (PMI below 50 indicates slowing growth). As per the media reports, the market also released PMI reports showing a contraction in factory activities in Europe and Japan.

Today (i.e., 26 March 2019), the S&P/ASX 200 Index opened at $6126.90 and closed in green at $6130.6. It made day’s high at $6141.1 and day’s low at $6116.8. Stocks such as BHP Group Limited, Rio Tinto, Challenger Limited, and Goodman Group, have lifted the index into the green territory.

Metal & Mining company, BHP Group Limited’s (ASX: BHP) shares traded at $37.55 up 1.131% (AEST: 4 PM on March 26, 2019) with the market capitalization of ~$109.38 billion. The company recently announced the appointment of two Independent Non-executive Directors, Ian Cockerill, and Susan Kilsby to the BHP Board effective from April 1, 2019.

Metal & Mining company, Rio Tinto Limited’s (ASX: RIO) shares traded at $93.8 up 0.719% (at market close on March 26, 2019) with the market capitalization of ~$34.57 billion. On March 21, 2019, Rio Tinto voluntarily notified the ASX of material dealings in Rio Tinto plc shares by PDMR/KMP. Both the ASX and the LSE (London Stock Exchange) has been informed of the material dealings by PDMR/KMP in Rio Tinto Limited securities.

Financials company, Challenger Limited’s (ASX: CGF) shares traded at $7.94, up 9.066% (at market close on March 26, 2019) with the market capitalization of ~$4.45 billion. Today (i.e., 26 March 2019), it has announced the progress in its strategic relationship with MS&AD Insurance Group Holdings Inc. (MS&AD) to support Challenger’s strategy for growth in domestic and international markets.

Real Estate company, Goodman Group’s (ASX: GMG) shares ended the session at the price of $13.54, up 0.445% (at market close on March 26, 2019) with the market capitalization of ~$24.45 billion. It has recently announced a change in its directors’ interest, where Ian Ferrier acquired additional 3,687 ordinaries stapled securities with the value of $49,268.88 via on-market trade under the Directors’ Securities Acquisition Plan.


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