ASX 200 opens lower; MGF, NRW, SOL to remain in focus

Highlights

  • The ASX 200 has opened 0.9 points lower, owing to jittery sentiments from increasing COVID-19 infections in the country.
  • Today, the market breadth is on a negative side, with seven out of the 11 sectors trading lower.
  • AMA Group has voluntarily requested the ASX for a trading halt on its listed securities pending a further announcement regarding a capital raising

The Australian share market on Monday opened on a feeble note, owing to jittery sentiments fuelled by soaring COVID-19 infections in the country. The ASX 200 was down 0.9 points to 7,522 during opening trade. The market participants are also cautious ahead of the central bank's policy meeting on 7 September 2021, when a decision on tapering plans might be announced.

Image Source: Copyright © 2021 Kalkine Media Pty. Ltd.

Tech giants surged higher on Friday, helping NASDAQ to close at another record high, after weak US jobs data which might push back the near-term plans of the Federal Reserve to reduce its massive support for the economy.

The NASDAQ ended Friday’s session at a new closing high, but the other main Wall Street indices fell, reflecting the mixed sentiment stemming from a disappointing US jobs report. The S&P 500 closed almost flat at 4,535.43, losing a minor 0.03%, while the Dow Jones fell 0.21% to 35,369.09. The NASDAQ Composite ended the session 0.21% up at 15,363.52.

Read More: COVID-19 pandemic: have we reached endemic stage?

How has the market performed so far?

As of 10:30 AM AEST, the ASX 200 fell further to 7,453.9, shedding 69 points or 0.92%. The ASX All Ordinaries Index has also witnessed selling pressure during the opening session, falling 0.91% or 71.3 points to 7,755.4.

Data Source: ASX Website (as of 6 September 2021, 10:30 AM AEST)

The top ASX 200 stocks contributing to today’s fall are Fortescue Metals Group Limited (ASX:FMG) and Pilbara Minerals Limited (ASX:PLS), both losing 9.69% and 6.19%, respectively. On the other hand, a few stocks trying to keep the index from falling are Alumina Limited (ASX:AWC) and IDP Education Limited (ASX:IEL), both gaining 5.26% and 2.73%, respectively.

Today, the market breadth is on a negative side, with seven out of the 11 sectors trading lower. The Information Technology sector and Materials sector are leading the gains with 0.26% and 0.2% uptick, respectively.    

Newsmakers

Magellan Global Fund (ASX:MGF) has reported a growth in its funds under management (FUM) in August 2021. Retail FUM grew 0.3% to AU$31.5 billion while institutional FUM grew 1% to AU$86.4 billion. Global equities fund was up 0.6% to AU$88.5 billion.

NRW Holdings Limited’s (ASX:NRW) subsidiary Golding Contractors has entered into a five-year contract extension agreement with Southern Cross Fertilisers. Under the terms, the contract will now be extended to September 2026 for Golding’s Phosphate Hill operation.

Image Source: Copyright © 2021 Kalkine Media Pty. Ltd.

AMA Group Limited (ASX:AMA) has voluntarily requested the ASX for a trading halt on its listed securities pending a further announcement regarding a capital raising. The halt is expected to remain until 10 September 2021 or until an announcement is released.

Premier Investments Limited’s (ASX:PMV) new CEO Richard Murray has commenced his role, effective from today (a month ahead of schedule). Earlier, Mr Murray was expected to assume his new role from 4 October 2021.

Washington H. Soul Pattinson and Co. Limited (ASX:SOL) expects FY21 net profit after tax to nearly double to AU$316 million-AU$336 million, compared to the last year’s profit of AU$170 million. The jacked up profit figures have been bolstered by strong performance from New Hope Corp, Brickworks, etc.   

Read More: Five ASX penny stocks that turned multi-baggers in 2021

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