ASX 200 opens flat; Champion Iron, Nickel Industries top losers

3 min read | July 27, 2022 10:43 AM AEST | By Ashish

ASX 200 opens flat; Champion Iron, Nickel Industries top losers — Image source: © Herrbullermann | Megapixl.com

Highlights

The Australian share market opened flat on Wednesday, with the ASX 200 index falling 4.40 points 6,802.90 at the open.

The International Monetary Fund (IMF) has downgraded the outlook for global economy, slashing the global real GDP growth estimate to 3.2% from its 3.6% forecast issued earlier in April.

The Dow Jones fell 0.7%, the S&P 500 dropped 1.15%, and the NASDAQ ended 1.9% lower.

The Australian share market opened flat on Wednesday following weak overnight closing on Wall Street as the International Monetary Fund (IMF) painted a gloomy picture of global economic outlook. The domestic market was dragged down by the tech and healthcare sectors. Investors are also awaiting inflation data, which is slated to be released later this morning. The ASX 200 index fell 4.40 points 6,802.90 at the open.

The index has advanced 0.65% in the past five days. However, it has fallen 8.62% on a year-to-date (YTD) basis. The ASX All Ordinaries index fell 0.057% to 7,021.2, while the A-VIX fell 2.026% to 16.251 at the open.

The benchmark index was trading at 6,803.80, down 3.50 points or 0.051% in the first ten minutes of trade.. Meanwhile, on Tuesday, the benchmark index surged 0.25% to 6,807.3 points.

Global equity indices

Global markets traded on a muted note following the announcement of revised global growth forecast for 2022 by the International Monetary Fund’s (IMF). The global financial body has now estimated the global real GDP growth to fall to 3.2% from its 3.6% forecast issued earlier in April.

Meanwhile, US markets were pulled down by weakness in retail stocks after Walmart slashed its profit forecast on account of surging food and fuel prices, which are expected to hurt discretionary purchases.

The Dow Jones fell 0.7%, the S&P 500 dropped 1.15%, and the NASDAQ ended 1.9% lower.

Market action

On Tuesday, US Treasury yields declined after Russia cut its gas supply to Europe. The concerns around looming economic slowdown in the US also weighed on the yields. While the US dollar index rose 0.714% to 107.180, the euro dipped 0.98% to US$1.012 on Tuesday.

Data Source: ASX (as of 27 July 2022, 10:30 AM AEST)

While Iress (ASX:IRE) and Silver Lake (ASX:SLR) were the top gainers, Champion Iron (ASX:CIA) and Nickel Industries (ASX:NIC) were the top laggards.

While energy and materials fell over 0.18%, healthcare sector gained over 1.4%.

Newsmakers

IGO said that it has met its cost and production guidance for FY22.
St Barbara has raised production by 40% in the June quarter compared to the prior three-month period.
Perpetual informed the ASX that it has received two offers for its trustee business.
Novonix reported an operating cash loss of AU$7.9 million for the June quarter.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.