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- The ASX 200 opened higher on Monday, following a mixed opening by major indices on the Wall Street in Friday’s trade.
- Crown Resorts Ltd (ASX:CWN), Evolution Mining Ltd (ASX:EVN) and Dominos’ Pizza Ltd (ASX:DMP) were the major gainers, up as much as 18% on the ASX 200.
- Consumer Discretionary and Energy led the gains in the opening trade.
The ASX 200 opened higher on Monday, following a mixed opening by major indices on the Wall Street in Friday’s trade. The fall in bond yields from 14-month peaks and retraction in losses of oil prices guided the Friday’s trade.
The ASX 200 began Monday’s trading session up just 1.20 points to 6,709.40. The index has lost 0.94% for the last five days, but sits 3.29% below its 52-week high. The broader All Ordinaries index was up 0.017%, while the ASX 200 VIX index was up 9.953%. On Friday, the ASX 200 closed lower by 37.70 points, or 0.56%.
Top ASX gainers and losers
Crown Resorts Ltd (ASX:CWN), Evolution Mining Ltd (ASX:EVN) and Dominos’ Pizza Ltd (ASX:DMP) were the major gainers, up as much as 18% on the ASX 200. On the other hand, shares of Fortescue Metals Group (ASX:FMG), Silverlake Resources Ltd (ASX:SLR) were the top laggards in the opening trade.
Consumer Discretionary and Energy led the gains in the opening trade. Utilities was also up. On the other hand, Materials, Financials and Resources were down in the early trade.
Wall Street trims losses
Wall Street trimmed losses on Friday as consumer, technology and consumer-cyclicals picked up following a decline in bond yields.
While the S&P 500 dropped 0.06% to 3913.10, the Dow Jones Industrial Average fell 0.71% to 32627.97. The NASDAQ Composite Index gained 0.76% to 13215.24, and the small-cap Russell 2000 rose 0.88% to 2287.55.
On the other hand, the pan-continental Stoxx Europe 600 edged lower 0.76%. In Asia, most major benchmarks closed higher. China’s Shanghai Composite Index added 1.69%, while Hong Kong’s Hang Seng fell 1.41%.
Australian dollar dips
The Australian dollar was trading down 0.11% to 0.7726. US Dollar Futures Index was up 0.10% to 91.958. The dollar index closed up by 0.135% on Friday while the Australian dollar was down by 0.32% to 0.7711.
Crude oil prices rise
The benchmark Brent crude closed at US$64.53 a barrel, up by about 2% while the WTI crude closed the session up by 2.4%, at US$61.42 a barrel.
Gold prices soar
Gold price also notched up higher on Friday, and the gold spot was up by 0.5 per cent to US$1745.05 an ounce.
Bond yields down
Australia’s 10-year bond yields stood down 0.28% to 1.803. The 30-year treasury bond yields were down 1.56% to 2.437, while the 10-year bond yields added 0.25% to 1.725.
Bitcoin was trading down 0.97 per cent to US$57,646.87.
Newsmakers of the day
Crown Resorts (ASX:CWN) said that it has received an $8 billion takeover offer from US investment manager Blackstone. Blackstone already owns nearly 10 per cent of Crown.
Telstra Corporation Limited (ASX:TLS) has proposed a change in the legal corporate structure, including Infraco towers being intended to be monetized. Qantas Airways Limited (ASX:QAN) has reduced the number of students intake at its Toowoomba pilot academy.
Beach Energy (ASX:BPT) made a gas discovery at the Artisan 1 location in the offshore Victorian Otway Basin. Openpay (ASX:OPY) would launch into the US and UK healthcare markets through a partnership with veterinary software platform ezyVet.
Syrah Resources (ASX:SYR) completed the installation of a furnace at its active anode material project in Vidalia. Bapcor (ASX:BAP) has signed agreements to acquire 25 per cent of the issued equity in Tye Soon.
On the economic front, the week would see Markit PMI and Preliminary Merchandise Trade data on Tuesday.
What to expect through the day
ASX 200 is expected to be under pressure today after the US stocks closed mixed in Friday’s trade. The investors would closely track movements in tech stocks such as Afterpay (ASX:PAT) and Altium (ASX:ALU), which may gain following strong performance by the US stocks in the last session. The energy stocks such as Santos (ASX:STO) and Woodside Petroleum (ASX:WPL) may gain after crude prices stabilised a day after a selloff driven by concerns over demand. Crown Resorts would be in focus today after an acquisition offer by Blackstone.