- The benchmark ASX 200 rallied 1.58% or 108 points to 6,940 in the first 15 minutes of trading.
- Wall Street raced higher in opening session on Thursday, with a broad rally reversing by mid-afternoon.
- 10 out of the 11 sectors were trading higher as investors are trying to capitalize on the dip after four days of continuous selling.
Starting the last day of the week on a positive note, the Australian share market surged higher at the open on Friday. The benchmark ASX 200 rallied 1.58% or 108 points to 6,940 in the first 15 minutes of trading, recovering from steep losses suffered in the last four sessions, amid a hawkish stance by the US Federal Reserve, while local tech stocks were dragging the market, taking cues from the lower closing of NASDAQ 100.
US stocks traded mixed on Thursday as investors juggled between mixed corporate earnings, geopolitical tensions and the prospect of a more hawkish stance by the US Federal Reserve. The US dollar surged to its highest level in over a year.
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Wall Street surged in the opening session on Thursday, with a broad rally reversing by mid-afternoon. All the gains evaporated by the closing, leading all three major Wall Street indices to close in negative.
The Dow Jones Industrial Average fell 0.02% to 34,160,78, while the S&P 500 lost 0.54% to 4,326.5. The NASDAQ Composite ended the session 1.4% lower at 13,352.7.
How has the market performed so far?
As of 11:00 AM AEDT, more than half of the opening gains evaporated and the ASX 200 was trading 0.64% or 44.1 points up at 6,882.4, while the ASX All Ordinaries index was trading 0.71% or 50.7 points up at 7,165.2. The A-VIX sharply fell 12.25% to 19.36.
Data Source: ASX (as of 28 January 2022, 11:00 AM AEDT)
Coming to the top gainers, Champion Iron Limited (ASX:CIA) was leading the pack with a 6.68% gain, followed by Pro Medicus Limited (ASX:PME) which rallied 4.85%. On the flip side, Newcrest Mining Limited (ASX:NCM) and Ramelius Resources Limited (ASX:RMS) were the top losers, falling 6.66% and 6.64%, respectively.
On the sectoral front, 10 out of the 11 sectors were trading higher with investors trying to capitalise on the dip after four days of continuous selling. The consumer discretionary and industrial spaces were the leading pockets, gaining 1.19% and 1.13%, respectively. The IT sector was the only laggard, falling 0.42%.
- DigitalX Limited (ASX:DCC)
- The company’s total liquid assets for the December 2021 quarter decreased to AU$51.51 million, from AU$53.09 million in the previous quarter.
- The value of the Group’s bitcoin holding and fund units increased by AU$2.55 million over the quarter.
- Operating cash outflows also improved over the quarter with outflows falling from AU$798K in the September 2021 quarter to $253K.
- Newcrest Mining Limited (ASX:NCM)
- The company’s gold production increased 10% in the December 2021 quarter, apparently on track to meet the guidance of 1800-2000/koz of gold production in FY22.
- The average realised gold price stood at US$1743 per ounce, an increase of US$20 over the previous quarter.
- The average realised price of copper increased marginally to US$4.37/lb, over US$4.24/lb in previous quarter.
- ResMed Inc (ASX:RMD)
- ResMed’s revenue increased 12% to AU$894.9 million in Q2 FY22, up 13% on a constant currency basis compared to the previous corresponding year.
- Gross margin declined by 140 basis points, while non-GAAP gross margin took a hit of 230 basis points, primarily due to higher freight and manufacturing costs.
- Net income for the reported period grew by 12% and diluted earnings per share grew by 11%.
- PointsBet Holdings Limited (ASX:PBH)
- Sports betting business PointsBet has posted a loss of AU$51.8 million in the December 2022 quarter.
- The total turnover for the period jumped 11% over the previous quarter, to AU$1.33 billion.
- The company finished the reported period with a net cash of AU$569 million.
- Elementos Limited (ASX:ELT)
- The management has appointed CEO Mr Joe David to the Board of Directors as Managing Director.
- Mr David has been serving as the CEO of Elementos since April 2021.
- Mr David’s annual remuneration will go up by AU$40,000.