ASX 200 powers to a record high on strong cues from Wall Street

Summary

  • The ASX 200 has continued its momentum in the opening session, making a record high.
  • All three major US stock indices also closed at an all-time high on Friday after a volatile week.
  • Metals X Limited is planning to recommence work on its Renision tailing treatment project.

The Australian share market has opened higher on Monday, as a strong closing on Wall Street, helped by robust earnings and signs of economic revival in the US, has uplifted investors’ sentiments. The Australian benchmark index, ASX 200, also closed at a record high on Friday.

The ASX 200 has continued its momentum in the opening session and was 0.17% or 12.7 points up to hit 7,407.1, making a record high.  

Image Source: Copyright © 2021 Kalkine Media

All three major US stock indices also closed at an all-time high on Friday after a volatile week, when fears of Delta variant of the coronavirus gripping global markets, at the same time, investors cheered an economic recovery. A US Federal Reserve meeting is also scheduled this week.

                     

The Opening Bell || Will IT And Energy Sector Dip Outpace Material Sector Gains On Monday?

 

The Dow Jones closed Friday’s session 0.68% up, at 35,061.55, while the S&P 500 gained 1.01%, to 4,411.79. The NASDAQ Composite surged 1.04% to 14,836.99. The CBOE VIX index lost 2.77% and closed at the lowest level of the last week, at 17.2

Read More: Ten exciting ASX-listed stocks in the retail space

How has the market performed so far?

As of 10:30 AM AEST, the ASX 200 is trading 0.16% up, at 7,406.4, retracing a bit from the intraday high of 7,417.6. The ASX All Ordinaries Index is also trading 15.3 point or 0.2% up, at 7686.2, contributed majorly by Poseidon Nickel Limited (ASX:POS) and Stavely Minerals Limited (ASX:SVY), both trading 7.69% and 7.5% higher, respectively.

Coming to the market breadth, 8 out of the 11 sectors are trading in the green with Materials again leading, notching up a 0.96% gain, followed by a 0.24% gain in Financials.

Data Source: ASX Website (26 July 2021, as of 10:30 AM AEST)

Top ASX 200 gainers include Lynas Rare Earths Limited (ASX:LYC) and Alumina Limited (ASX:AWC), clocking 6.52% and 4.63% gains, respectively.

G8 Education Limited (ASX:GEM) and The a2 Milk Company Limited (ASX:A2M) are the top losers, falling 3.65% and 3.39%, respectively.

A drop in the A-VIX is also showing strengthening investors’ confidence in today’s session. The index is down 5.6% to 12.32.       

Read More: Which are the 10 largest economies of the world?

Newsmakers

Cann Group Limited (ASX:CAN) is looking to raise a total of AU$20 million to invest in its marketing strategies and improve its Mildura manufacturing facility. The company has also reported an operating loss of AU$18.2 million for FY21.

Medical device manufacturer, OncoSil Medical Limited (ASX:OSL) incurred an operating loss of AU$9 million for FY21. At the end of the financial year, the company had net cash of AU$12.2 million on hand.

Image Source: Copyright © 2021 Kalkine Media

Metals X Limited (ASX:MLX) is planning to recommence work on its Renision tailing treatment project. The updated Definitive Feasibility Study (DFS) is expected to commence in Q1 FY22, which will examine factors such as the influence of changes in technology, market conditions etc.

GPT Group Limited (ASX:GPT) has withdrawn guidance of funds from operation and distribution for FY21 due to adverse effects triggered by the recent restrictions of the ongoing pandemic.

Cromwell Property Group Limited (ASX:CMW) has appointed Jonathan Callaghan as its new chief executive. Mr Callaghan is currently the chief executive of Investa Property Group.

Read More: Know the 10 biggest retail companies around the world in 2021

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