ASX 200 opens week in red; EML Payments tumbles 16%

2 min read | July 11, 2022 10:39 AM AEST | By Ashish

ASX 200 opens week in red; EML Payments tumbles 16% — Image source: © Danp68 | Megapixl.com

Highlights

ASX 200 index fell 13.30 points or 0.20% to 6,664.70 at open.

The benchmark index is down 48% on a year-to-date (YTD) basis.

The ASX All Ordinaries index fell 0.112% to 6,869.3.

Australian shares started the new week on a muted note, taking cues from mixed Wall Street closing last Friday. The benchmark ASX 200 index fell 13.30 points or 0.20% to 6,664.70 on Monday, defying Futures’ expectations in opening trade. However, after opening lower, the Australian benchmark index advanced 19.10 points or 0.29% to 6,658.90 in the first 15 minutes of the trade. While the index has gained 0.79% in the last five days, it is down 10.48% on a year-to-date (YTD) basis.

The ASX All Ordinaries index fell 0.112% to 6,869.3, and the A-VIX was down 4.185% at 17.216 at open. On Friday, the ASX 200 ended 0.45% higher at 6,678 points.

Global equity indices

Rising inflation, expectations of further rate hikes and economic slowdown fears are expected to keep investors’ appetite in check. The week would also see a few key data releases and start of second quarter reporting season in the US.

In US, the Dow Jones declined 0.15%, the S&P 500 slipped 0.1%, and the NASDAQ rose 0.1%.

In Europe, the Stoxx 50 rose 0.5%, the FTSE surged 0.1%, the CAC gained 0.4%, and the DAX ended 1.3% higher.

Market action

Stroger-than-expected US jobs data lifted Treasury yields on Friday, with both 10 and 2-year note yields rising above 3%. There is an anticipation that the US Fed may further raise rates in coming days.

Data Source: ASX (as of 11 July 2022, 10:30 AM AEST)

While EML Payments (ASX:EML) and Costa Group (ASX:CGC) were the top laggards, Chalice Mining (ASX:CHN) and Scentre Group (ASX:SCG) were the top gainers.

Energy was best performing sector with a gain of more than 1%. On the other hand, materials, information technology and consumer discretionary sectors were down 1%.

Newsmakers

EML payments announced the surprise resignation of its chief executive officer (CEO) Tom Cregan.
Link Group announced that its board had decided not to recommend Dye & Durham’s raised offer.

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