ASX 200 opens lower but recovers swiftly

Summary

  • At the opening tick, the ASX 200 was trading 3.7 points down at 7,499.5.
  • The market breadth in the morning is on the bullish side, with seven out of the 11 sectors trading in the green.
  • Centuria Capital Group’s profit has risen by a massive 711.3% to AU$611.2 million in FY21

On Thursday, the ASX 200 opened a bit lower, as Wall Street retreated from the highs made a day before. At the opening tick, the ASX 200 was trading 3.7 points down at 7,499.5. However, it displayed a brisk recovery, hopping 7.3 points up to trade at 7,510.5 within 30 minutes.

Image Source: Copyright © 2021 Kalkine Media

On Wednesday, the broader market index in the US, the S&P 500 fell from a record high hit a day earlier, while the Dow Jones tumbled over 300 points. The sell-off took place as soon as July 2021 data revealed the growth in the jobs market in the US had been lacklustre but demand for services increased.

                       

The Early Trades || How would ASX 200 open after US stocks traded mixed?

 

After the closing, the Dow Jones was 0.92% down to 34,792.68, while the S&P 500 took a hit of 0.46%, closing at 4,402.65. The NASDAQ Composite index closed the session at 14,780.53, with a minor uptick of 0.13%. General Motors tracked its worst day in more than a year, falling 8.91%, despite a record pre-tax profit.

How has the market performed so far?

As of 10:30 AM AEST, the ASX 200 has recovered from its opening fall and is currently trading 7.3 points up, at 7,510.5. The ASX All Ordinaries index has also recovered to trade flat at 7,778.5, contributed by Elmo Software Limited (ASX:ELO) and Dubber Corporation Limited (ASX:DUB), both gaining 0.75% and 0.29%, respectively.

The market breadth in the morning is on the bullish side, with seven out of the 11 sectors trading in the green. The A-REIT sector is the leading sector with 0.11% gain while the Information Technology sector is the top loser with a 0.19% fall. 

Data Source: ASX Website (as on 10:30 AM AEST, 5 August 2021)

On the gaining front, the top contribution in the ASX 200 has been made by a 1.73% gain in Link Administration Holdings Limited (ASX:LNK) and a 1.52% uptick in Hub24 Limited (ASX:HUB). The stocks trying to drag the index are Iluka Resources Limited (ASX:ILU) and CIMIC Group Limited (ASX:CIM), both falling 1.43% and 1.36%, respectively. 

Read More: COVID-19 development: Australia to vaccinate most adults by the end of the year

Newsmakers

Centuria Capital Group’s (ASX:CNI) profit has risen by a massive 711.3% to AU$611.2 million in FY21, while revenue soared to AU$685.7 million, a 402.8% increase over the previous year. Funds from operation rose 44% to AU$91.4 million in the same period.

Westpac Banking Corporation (ASX:WBC) has decided to review its relationship with Afterpay Limited (ASX:APT), after the latter has been offered to be acquired by Jack Dorsey’s Square. This is due to Square’s ambition to compete with Australian banks in the lending and payments space.

Image Source: Copyright © 2021 Kalkine Media

Nick Scali Limited (ASX:NCK) has doubled its profit in FY21, clocking a 100% increase in the net profit after tax (NPAT) to AU$84.2 million, comfortably beating the guidance of AU$78 million–AU$80 million. The firm’s sales revenue also surged 42.1% to AU$373 million.

Resolute Mining Limited (ASX:RSG) has entered into an agreement with Asante Gold Corporation to sell its Bibiani gold mine in Ghana for a total of US$90 million, out of which US$30 deposit has already been received by the company.

Read More: Online Scams: UK consumers clueless on how to avert frauds

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK