AUS
NZ
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CA
USA
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Highlights:
- The benchmark index S&P/ASX 200 has started Tuesday's trading session on a lower note.
- Australian stock market took cues from the US stocks that finished lower because of the recession woes.
- ASX-listed mining giant BHP has reported that volumes at its flagship iron ore divisions will be ‘soft’ in next 12 months.
Australian equity benchmark S&P/ASX 200 opened tad lower today, shedding 10.30 points or 0.15% to 6,676.80 as of 10:15 am AEST. The bottom performing stocks on this benchmark index were Kelsian Group Limited and The A2 Milk Company, down 2.93% and 2.44% respectively. Over the last five days, the index has gained 1.07%, but is down 10.31% on year-to-date basis.
Market breadth was broadly in favour of losers today with 8 of 11 sectors trading with losses. Energy was the best performing sector, up 3.45% followed by utilities.
A-VIX has opened 4.28% lower while All Ordinaries is 0.07% down.
News Makers
- BHP Group Limited: The mining giant, in its quarterly activities report, shared that full year production guidance for iron ore, energy coal and copper were achieved. Full year nickel production was lower. Iron ore production was in line with the prior period at 253 Mt and the production for the 2023 financial year is likely to be between 249 and 260 Mt. The firm intimated the market that iron ore and coking coal wings will be ‘soft’ during next twelve months as pandemic and severe climatic conditions have hit volume growth. The stock BHP traded 1.839% higher at AU$37.650 apiece at 10:45 AM AEST.
- JB Hi-Fi Limited: The electronics firm has marked a record sales and earnings for fiscal year 2022. The company has reported more than 50% jump in online revenue, group revenue has grown 3.5%. The stock was trading 3.131% higher at 10:45 AM AEST.
- Paladin Energy Ltd: This energy firm shared today that Namibia-based, Langer Heinrich Mine, will be returning to production. At 10:51 AM AEST, the stock PDN was trading 1.181% lower at AU$0.627 per share.
- QBE Insurance Group Limited: The insurance giant has announced impact of Australian pricing promise review as per which the company will set aside AU$110 million after there were incidents of policy pricing promises not getting delivered. QBE traded 0.426% down at AU$11.670 per share at 10:55 AM AEST.
- HUB24 Limited: The investment company has shared record annual net inflows of AU$11.7 billion, up 38%. The shares were trading 6.365% lower at AU$22.210 per share at 11:00 AM AEST.
Global equity Indices
On Monday, US stocks opened higher amid upbeat earnings from Goldman Sachs and Bank of America. But, stocks gave up gains after reports mentioned that iPhone maker Apple is planning to curb its spending and slow down hirings on account of recession risks.
The Dow Jones finished lower even after it clocked gains upto 256 points. It closed 215.65 points or 0.69% lower at 31,072.61. The S&P 500 finished 32 points or 0.84% lower at 3,820.85, and the Nasdaq Composite lost 92 points or 0.81%.
Commodities
Iron ore and other metals have managed to recover some of the losses incurred last week. Iron ore futures on Dalian Commodity Exchange gained 2.2% to US$100.63 per tonne. Copper on London Metal Exchange gained 3.2% to US$7,411 per tonne. Aluminium gained 3.6%. nickel was up 6.6%, lead rallied 2.5% and zinc gained 3.8%. Tin gained 0.6%.
At around 9:50 AM AEST, Crude Oil WTI was quoted at US$99.91/bbl and Brent Oil, around 7:59 AM AEST, was at US$105.72/bbl.
Gold futures were quoted at US$1,705.30 as of 19 July 2022, 9:50 AM AEST.
