ASX 200 gains: What’s lifting the shares ahead of RBA meet?

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ASX 200 gains: What’s lifting the shares ahead of RBA meet?

 ASX 200 gains: What’s lifting the shares ahead of RBA meet?
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Summary

  • The Australian share market opened flat on Tuesday after US stocks closed higher on Friday.
  • By 10:30 AM (AEST), the ASX 200 was trading 0.43% higher, at 7,346.20.
  • Over the last five days, the index has gained 0.57% and is currently 0.85% off its 52-week high.

The Australian share market opened flat on Tuesday after US stocks closed higher on Friday. The ASX 200 opened just 6 points higher at 7,321. The benchmark index would be closely tracked due to a monetary policy meeting by the Reserve Bank of Australia (RBA), which may see the official cash rate stay at a record low.

By 10:30 AM (AEST), the ASX 200 was trading 0.43% higher, at 7,346.20.

On Monday, the ASX 200 ended flat at 7,315 points after rising as much as 0.5% earlier in the session.

Meanwhile, the S&P 500 closed 0.75% higher on Friday. The Dow Jones rose 0.4%, while the NASDAQ Composite was up 0.81%. Wall Street was closed on Monday.

Source: © Stbernardstudio   | Megapixl.com

READ MORE: A glance at the top dividend stocks for the financial year 2022

How has ASX 200 performed so far?

Over the last five days, the index has gained 0.57% and is currently 0.85% off its 52-week high.

Energy gained 1.6%, followed by 0.7% gains for materials, led by big mining companies.

EML Payments gained 6%, while Ramelius Resources fell 4.3% in the early morning trade.

Stocks of health care, industrials, consumer staples, and communication services fell.

The broader All Ordinaries index was up 0.405%, while the ASX 200 VIX Index was down 2.572%.

Source: ASX website; as of 10:30 AM (AEST)

Bonds and dollar

The Australian dollar was trading 0.04% higher, at 0.7543.

The Australian 10-year bond yields were trading 2.79% higher, at 1.473.

Commodity space

On Monday, crude oil climbed higher as OPEC+ nations called off talks on supply levels. Brent crude oil futures were up 0.2%, to US$76.32 per barrel, while WTI crude oil futures gained 0.2% to US$75.31 per barrel.

While Brent oil futures were trading 0.01% higher, at US$77.17, WTI futures were trading 1.58% higher, at US$76.35.

On Monday, gold prices traded higher as a subdued US dollar and falling bond yields amid a mixed data of US jobs report diminished investors’ concern about a faster policy tightening. Spot gold was up 0.2% at US$1,790.70 an ounce by 10:31 AM EDT, after hitting its highest level since 18 June 2021, of US$1,794.86, on Friday.

Gold futures were trading 0.49% higher, at US$1,792.10.

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Metals’ update

The most actively traded iron ore futures for the September delivery month on the Dalian Commodity Exchange (DCE) increased as much as 5.6% to 1,226 yuan (US$189.80) a tonne, the highest level since 11 June 2021.Copper futures were trading 0.20% higher, at US$4.3463.

Source: ©  Ptlee  | Megapixl.com

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Newsmakers

Ramsay Health Care (ASX:RHC) increased its cash offer for Spire Healthcare to 250 pence per share. The revised offer is at 30% premium to the company’s stock price as on 25 May 2021, when the deal was initially introduced.

Real estate investment trust Abacus Property Group (ASX:ABP) purchased five assets amounting AU$160 million from Storage King.

                       

The Opening Bell || ASX 200 gains: What’s lifting the shares ahead of RBA meet?

 

Carnarvon Petroleum (ASX:CVN) announced that it had established a joint venture with Frontier Impact Group to produce renewable diesel and other sustainable products.

The June quarter’s gross merchandise value (GMV) of Payright (ASX:PYR) has grown by 134% to AU$26.1 million. The customers have increased by 58% to 53,400.

The securities of Fertoz (ASX:FTZ) will be placed in a trading halt, pending a company announcement.

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