AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
_07_13_2022_08_11_34_650922.jpg){kind=logo}
Highlights
- ASX 200 managed to add 0.23% by the end of today’s trading session on Wednesday.
- Telecom and Industrial stocks gained while Energy and Utilities sectors declined.
Australian share market witnessed an upbeat trend during Wednesday’s trade. The ASX 200 index added 0.23% to close at 6,621.60 points. Sectors painted a mixed picture on the index as commodity prices continued to be on losing spree due to growing global recession fears.
Seven of eleven sectors ended higher. Telecommunications Services and Industrials were the best performing sectors, closing 1.16% and 1.05% higher respectively. Energy sector closed 1.78% lower.
Since last five days, ASX 200 index has firmed up 0.41%, though still down 11.05% on a year-to-date basis.
Other noteworthy trends
Volatility indicator-A-VIX index was down 3.50%. However, the All-ordinaries index gained 0.31%. Large cap representative, ASX 50 index (XFL) was up 0.092%.
Top gainers and losers on ASX 200
Image Source © 2022 Kalkine Media ®, data source- ASX website
Market movers
- Core Lithium (ASX:CXO), one of Australia’s biggest lithium producers, was in news today as it has reported a significant increase in Mineral Resource Estimate (MRE) and Ore Reserve Estimate (ORE) for its Finniss Lithium Project, in the Northern Territory. Core shares closed Wednesday’s trade 2.34% higher.
- Fundie Platinum Investment Management (ASX:PTM), shared its funds under management (FUM) data, as of 30 June 2022. Platinum saw net outflows worth AU$304 million in June, the highest since February last year. PTM share price slipped 2.29% .
- ANZ Bank (ASX:ANZ) was also making headlines after confirming its discussions with Kohlberg Kravis Roberts for a potential acquisition of MYOB. ANZ share price shed off 1.19% today.
- TPG Telecom (ASX:TPG) shares gained attention as escrowed shares of its three largest shareholders became available for sale. Shares came out of escrow as the TPG and Vodafone’s merger completed two years. However, TPG share price lost 0.85% in Wednesday’s trade.
- In the top losing sector, Energy, a drop in oil prices has likely impacted shareholders. Energy majors Santos (ASX:STO) lost 1.29%, Beach Energy (ASX:BPT) shed 1.18% and Viva Energy Group (ASX:VEA) fell 2.85%.
In global markets:
Globally, investors are closely watching central banks on interest rates. In Europe, the first interest-rate hike in ten years is set to happen on 21 July. Meanwhile, today South Korea’s central bank joined its peers delivering a historic half-point interest rate hike to tame inflation. The Reserve Bank of New Zealand also delivered its third consecutive half-percentage-point hike.
In Asia-Pacific stock markets, Japan’s Nikkei index gained alongside South Korea’s KOSPI index. Even Chinese stocks were spotted trading higher on Wednesday. The Shanghai Composite Index gained and Hong Kong’s Hang Seng Index also firmed up.
On commodities front:
- Oil prices were down on Wednesday as investors anticipated a weak market, post release of US inflation data. Key benchmarks Brent and WTI remained low.
- Gold prices were shining brighter and even US dollar strengthened as markets anticipated the US CPI data and inflation number for June to hit a record high. Among other precious metals, Platinum followed gold upward while silver and palladium prices fell.
- In the crypto space, popular currency Bitcoin fell back below the prominent US$20,000 level yesterday evening. The second major cryptocurrency, Ether was also seen tumbling down.
