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Live ASX News Today
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28th Apr 07:01 PM AEST
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28th Apr 06:11 PM AEST
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28th Apr 05:43 PM AEST
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28th Apr 04:12 PM AEST
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28th Apr 02:52 PM AEST
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28th Apr 02:16 PM AEST
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28th Apr 01:46 PM AEST
Crude oil prices slip on rising coronavirus cases in China
Image source: © 2022 Kalkine Media®
Crude oil prices dropped in early Asian trade on Thursday after rising modestly on Wednesday due to ongoing concerns about tight worldwide supply, underscored by another drawdown in U.S. distillate and gasoline inventories.
The significant drop in crude oil prices has been witnessed as rising concerns of coronavirus cases in China, the biggest importer of crude oil in the world, weighted on future markets.
The prices rose earlier on Tuesday too when China's central bank said that it will step up cautious monetary policy to support the economy which would eventually boost oil demand.
The market weighed China's plans to support its economy against a possible coronavirus lockdown in its capital Beijing.
The country’s central bank said that it will step up cautious monetary policy to support the economy which would eventually boost oil demand.
The oil traders across the globe are focusing on more stimulus coming from China, keeping aside the fears of Beijing lockdown.
On Wednesday, Brent Crude oil settled at US$105.32/bbl, up 33 cents, and WTI crude oil settled at US$102.02/bbl, up 32 cents%.
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28th Apr 01:13 PM AEST
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28th Apr 01:08 PM AEST
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28th Apr 12:55 PM AEST
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28th Apr 12:37 PM AEST
ACCC raises Apollo (ASX:ATL) deal issues
Image source – © Jarretera | Megapixl.com
The Australian Competition and Consumer Commission (ACCC) has released its statement of issues regarding THL’s proposed acquisition of Apollo Tourism & Leisure ltd (ASX:ATL) today.
Both the tourism companies are involved in the rental, sale, and manufacture of recreational vehicles (RVs). However, THL’s acquisition of ATL will likely remove THL’s closest and largest competitor for motorised RV rentals in Australia.
Apart from this, the market feedback indicates that other RV rental suppliers can’t replace competition being lost after Apollo’s acquisition.
ACCC Commissioner Stephen Ridgeway said that its still not clear that whether the new entry/expansion of other RV suppliers will provide any strong competition constraint after this acquisition.
The ACCC is examining how far peer-to-peer platforms compete with traditional RV rental suppliers. However, as per ACCC’s review to date, these platforms don’t provide a solid constraint on traditional RV supplies as of now.
ACC has extended the statutory timeframe for a decision to 21 July 2022. The stock traded 10.4% lower at 43 cents per share at 11:15 AM AEST today.
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28th Apr 11:40 AM AEST
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28th Apr 10:43 AM AEST
ASX 200 surges at open; AMP, Pilbara Minerals lead gains
The Australian share market opened on a higher note on Thursday, depicting a recovery after three consecutive sessions of steep losses. A recovery in commodity prices and upbeat US tech earnings have also supported the sentiments on Thursday. The benchmark ASX 200 was trading 0.73% or 53.3 points up to 7,314.5 in the first few minutes of trading, while the ASX All Ordinaries index was up 0.71% to 7,600.3. The A-VIX fell 7.46% to 15.88.
On Wednesday, the Dow Jones Industrial Average rose 0.19% to 33,301.94, while the S&P 500 was up 0.21% to end at 4,183.97 points. The NASDAQ Composite ended the session 0.01% down at 12,488.93.
Coming to the top ASX 200 gainers, AMP Limited (ASX:AMP) and Pilbara Minerals Limited (ASX:PLS) were leading the market action, gaining 7.31% and 5.76%, respectively. On the other hand, Paladin Energy Limited (ASX:PDN) and Life360 Inc (ASX:360) were the top losers, falling 3.63% and 1.85%, respectively.
Coming to the sectoral front, seven out of the 11 sectors were trading in the green. The materials sector is flourishing today with a 1.84% gain, followed by a 0.55% rally in the healthcare sector. The utilities sector is the biggest loser, falling 0.19%.
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28th Apr 10:10 AM AEST
ASX 200 to rise after US stocks end higher
The Australian share market is expected to rise on Thursday following a decent overnight trade on Wall Street. The domestic benchmark is expected to rebound after three straight sessions of sharp losses, buoyed by recovery in commodity prices on easing fears of China's COVID-19 lockdowns, and upbeat US tech earnings.
According to the latest SPI futures, the ASX 200 is likely to open 36 points or 0.5% higher. On Thursday, the benchmark index fell 0.8% to 7,261.2 points.
On Wall Street, the Dow Jones rose 0.2%, the S&P 500 surged 0.2% and the NASDAQ traded flat.
In Europe, the Stoxx 50 rose 0.4%, the FTSE surged 0.5%, the CAC gained 0.5%, and the DAX ended 0.3% higher.
The pan-European STOXX 600 rose 0.7% after having hit six-week lows at the open. MSCI's benchmark for global equity markets retreated 0.17%. Emerging markets stocks fell 0.54%.
Meanwhile, weak Chinese stocks bucked the trend, gaining almost 3% as data showed faster profit growth at industrial firms in March than a year earlier.
