ASX 200 opens flat; why is the benchmark index under pressure today?

Source: seewhatmitchsee, Shutterstock

Summary

  • The ASX 200 on Friday opened flat even after US stocks closed mostly higher overnight.
  • Origin Energy (ASX: ORG), Mineral Resource (ASX: MIN) and Whitehaven Coal (ASX: WHC) were top losers.
  • 7 of 11 sectors were trading in green, while Information Technology was the top performing sector.

The ASX 200 on Friday opened on flat note, undermining positive cues from the US stock market, which closed higher in overnight trade. The benchmark ASX 200 opened flat at 7,058 and moved up marginally post the opening bell. Paring opening gains, the benchmark index slipped into negative terrain, dropping 5.50 points to 7053.10 as gains in miners and tech stocks were offset by banking shares.

New York city wall street, Source: © Arcoss | Megapixl.com

Wall Street ended higher on Thursday as strong earnings and upbeat macro data boosted market sentiments. The Dow Jones Industrial Average closed 0.9 per cent higher at 34,035.99, crossing 34k level for the first time ever, while S&P 500 gained 1.11 per cent to settle at 4,170.42. The Nasdaq Composite climbed 1.31 per cent to end at 14038.76.

Read: Dow smashes a milestone by shooting past 34K-mark

According to experts, investors are keeping an eye on corporate earnings announcements and development on COVID-19 cases and vaccine for further trigger.

Gainers and losers

Traders Chasing a Volatile Market, Image Source: Copyright © 2021 Kalkine Media Pty Ltd.

Among the top gainers were Perseus Mining (ASX: PRU), Silver Lake Resource (ASX: SLR), and Altium Ltd (ASX: ALU). On the other hand, Origin Energy (ASX: ORG), Mineral Resource (ASX: MIN) and Whitehaven Coal (ASX: WHC) were among top laggards.

Sectoral movement

7 of 11 sectors were trading in green. Information Technology was the top performing sector, rising 0.85 per cent. Among others, Utilities, Materials, A-REIT, Consumer Discretionary and Consumer Staplers were notable gainers.

Bond yields fall

The 10-year Australian bond yield fell by 2.39% to 1.672 against previous close of 1.713.

Australian dollar rises

The Australian dollar was trading up by 0.13% to 0.7734. The US dollar index dipped 0.02%.

Gold prices ease

US gold Futures closed 0.8% lower at US$1,765.40 an ounce as the vaccination drive is picking up across the globe.

Crude oil prices fall marginally

The WTI crude Futures dropped 0.19%  to settle at US$63.34 a barrel, while Brent crude Futures settled 0.15% lower at US$66.84 a barrel.

Bitcoin extends rally

Bitcoin continued its rally after the successful launch of cryptocurrency platform Coinbase Global Inc (COIN) on NASDAQ. The cryptocurrency has hit a new record high of U$64,829 (A$85,051).


Disclaimer
The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK