- The Australian share market opened lower on Monday even as US stocks closed higher in the previous session after better-than-expected jobs data in June.
- The market soon rebounded and ASX 200 was trading 0.40% higher, at 7,337.80 by 10:30 AM (AEST).
- Sydney Airport’s shares lifted the industrial sector by 5.75% in early trade.
The Australian share market opened lower on Monday even as US stocks closed higher in the previous session after better-than-expected jobs data in June. The benchmark index ASX 200 opened 0.90 points lower, at 7,307.70 in the opening trade.
However, the benchmark index soon rebounded. By 10:30 AM (AEST), the benchmark was trading 0.40% higher, at 7,337.80.
The domestic shares closed at their lowest level in two weeks on Friday, falling 0.65% to 7,265.6 points, as the country battled an outbreak of highly contagious Delta variant of the coronavirus.
On Wall Street, the Dow Jones rose 0.44%, to 34,786.35, while the S&P 500 gained 0.75%, to 4,352.34. The NASDAQ Composite was up 0.81%, to 14,639.33.
Source: © Stbernardstudio | Megapixl.com
Market’s performance so far
Over the last five days, the index has gained 0.40% and was currently 0.94% off its 52-week high.
Sydney Airport shares lifted the industrial sector by 5.75% in early trade. Energy, real estate, and utilities also traded higher. The mid-cap stock Chalice Mining added 11% in the early trade.
Consumer Discretionary, Financials and Communication Services fell 0.23%, 0.16% and 0.5%, respectively.
The broader All Ordinaries index was up 0.318%, while the ASX 200 VIX Index was up 0.193%.
Source: ASX website; as of 10:30 AM (AEST)
Bond yields and dollar
The Australian 10-year bond yield was trading 3.04% lower, at 1.436. The yield on the benchmark 10-year US Treasury note fell 5 basis point to 1.42%, touching its lowest level since June 21.
The Australian dollar was trading 0.03% lower, at 0.7516. The dollar index was down 0.3% at 92.246.
On Friday, oil prices ended the week mixed. Brent crude was up 0.44%, while WTI crude oil futures closed 0.09% down.
While Brent oil futures were trading 0.08% lower, at US$76, WTI futures were trading 0.19% lower, at US$75.02.
On Friday, gold traded higher, climbing further from a two-month low hit earlier in the week, as investors weighed prospects for US Fed tightening its monetary policy. The US gold futures were up 0.4%, to US$1,783.30 an ounce.
Gold futures were trading 0.09% higher, at US$1,785.05.
Source: © Ptlee | Megapixl.com
Benchmark Dalian iron ore marked its second consecutive weekly fall last week, though it inched up in a volatile session on Friday. The most actively traded September month delivery of iron ore futures on China's Dalian Commodity Exchange (DCE) was 0.8% higher at 1,182.50 yuan (US$182.41) per tonne by 0700 GMT.
Three-month copper on the London Metal Exchange (LME) surged 0.6% to US$9,381 a tonne on Friday by 1600 GMT after falling by about 9% in June 2021.
Copper futures were trading 1.02% higher, at US$4.2790.
A consortium of institutional investors led by IFM Investors has launched a takeover bid for Sydney Airport (ASX:SYD), pricing its shares at AU$8.25.
Pushpay Holdings (ASX:PPH) said it was looking for a new US-based chief financial officer after the current CFO, Shane Sampson, announced his resignation.
Crown Resorts (ASX:CWN) expects to theoretical earnings before interest, taxes, depreciation, and amortisation (EBITDA) before closure costs and significant items of between AU$240 and AU$250 million and theoretical EBITDA after closure costs but before significant items of between AU$90 and AU$100 million.
Tabcorp (ASX:TAH) issued a confirmation that it planned to demerge its Lotteries and Keno businesses to create two standalone companies -- operating lotteries and sports betting separately.
The a2 Milk (ASX:A2M) said that the New Zealand government had issued approval to its acquisition of a 75% stake in dairy Mataura Valley Milk.