ASX 200 opens lower; Regis Resources, GrainCorp top losers

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ASX 200 opens lower; Regis Resources, GrainCorp top losers

 ASX 200 opens lower; Regis Resources, GrainCorp top losers
Image source: © Wutzkoh | Megapixl.com

Highlights

  • The ASX 200 opened lower on Wednesday, down 22.70 points or 0.34% to 6,606.60.

  • The benchmark fell30 points or 0.55% to 6,593, in the first 10 minutes of trade. 

  • On Tuesday, the benchmark ASX 200 index climbed 0.25% to 6,629.3 points.

A day after the Reserve Bank of Australia (RBA) lifted the official cash rate by 50 bps, the ASX 200 opened lower on Wednesday, down 22.70 points or 0.34% to 6,606.60. Market sentiment was down on account of concerns around a looming recession and weakness in oil, gold and copper shares. The ASX 200 declined 36.30 points or 0.55% to 6,593 in the first 10 minutes of the trade. 

On Tuesday, benchmark ASX 200 index climbed 0.25% to 6,629.3 points. Over the last five days, the index has lost 1.58%. It has shed 9.19% over the last 52 weeks. The ASX All Ordinaries index fell 0.562% to 6,779.8 and A-VIX was down 0.86% at 18.79.

Commodity stocks are expected to remain under pressure during the day on fears around a looming recession, which have overlapped a demand crunch. Major commodities such as gold, copper and oil fell on Tuesday.

Global stock indices

The three leading Wall Street indices finished mixed after trading on a volatile note in the overnight trade.  After dipping in the early session, US stocks rebounded. The Dow Jones fell 0.4%, the S&P 500 advanced 0.2%, and the NASDAQ gained1.75%. 

The US Federal Reserve and the European Central Bank’s monetary policy minutes would be released this week. The US payroll numbers for the month of June are scheduled on Friday.

In Europe, the Stoxx 50 fell 2.7%, the FTSE dipped 2.9%, the CAC declined 2.7% and the DAX ended 2.9% lower.

Market action

 

Data Source: ASX (as of 6 July 2022, 10:30 AM AEST)

Image Source: © 2022 Kalkine Media®

While Zip (ASX:ZIP) and Megaport (ASX:MP1) were the top gainers, Regis Resources (ASX:RRL) and GrainCorp (ASX:GNC)were the top laggards.

Information Technology (up 3.6%) is the best performing sector, followed by consumer discretionary (up 2.2%) and consumer staples (up 1.3%). Energy (down 4%) and metals & mining (down 3%) were the worst performing sectors in the the early trade.

Newsmakers

  • Sunland Group today forecasted a net profit in the range of AU$92 million to AU$98 million in FY2022.
  • Insurance Australia Group (IAG) said that it had added third and fourth event cover to its reinsurance strategy for the financial year 2023.

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