ASX Tumbles Amid Rise in US Inflation Rate

On May 13, 2021, ASX indices witnessed selling amid global sell-off in stocks. The U.S. Bureau of Labor Statistics stated that the consumer price index for all urban consumers (or CPI-U) rose by 0.8% in the month of April on the seasonally adjusted basis after increasing 0.6% in March. Over the last twelve months, the all items index witnessed a rise of  4.2% before seasonal adjustment.

Notably, ASX 200 declined by 62.20 points or 0.88% to 6,982.70. As can be seen from the below table, ASX 300 also fell sharply by 0.91% to 6,971.50 while ASX MIDCAP50 declined by 1.06% to 8,425.80.

Data Source: ASX; Table Source: Copyright © 2021 Kalkine Media

ASX Midcap 50 Outperformed Rest of Indices

ASX 200 Index managed to close at 6,982.70, reflecting ~28.79% growth in 1 year. Also, ASX MidCap 50 Index and ASX Small Ordinaries Index settled at the levels of 8,425.80 and 3,164.70 points, respectively. Therefore, the ASX MidCap 50 Index and ASX Small Ordinaries Index outperformed the ASX 200 Index.

Source: Refinitiv, Thomson Reuters

Gainers and Losers

On May 13, 2021, GrainCorp Limited (ASX: GNC) released its H1 FY 2021 results and its underlying EBITDA stood at $140 million from $105 million. For FY 2021, it expects its underlying EBITDA between $255 million-$285 million ( as compared to the previous range of $230 million-$270 million).

Xero Limited (ASX: XRO) released performance highlights for the full year ended 31st March 2021. Its net profit rose to $19.8 Mn, reflecting a rise of $16.4 million YoY.

Data Source: ASX; Table Source: Copyright © 2021 Kalkine Media

Movements on Wall Street

On 12th May 2021, NASDAQ Composite fell 2.67% to 13,031.68. However, Dow Jones Industrial Average declined 1.99% to 33,587.66.


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