ASX 200 rallies at open; James Hardie plummets on firing CEO

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ASX 200 rallies at open; James Hardie plummets on firing CEO

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 ASX 200 rallies at open; James Hardie plummets on firing CEO
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Highlights

  • The ASX 200 opened in green on Friday, recouping some of the losses of the previous session.
  • The Dow Jones Industrial Average slid 0.47%, while the S&P 500 fell 0.1% on Thursday.
  • A-REITs are leading the market with a 2% gain.

Australian share ticked higher at the open on Friday, recouping some of the losses of the earlier session. On Thursday, the benchmark index ASX 200 recorded its worst trading session in sixteen months, falling 2.74%. However, the ASX is today witnessing an uptick in local energy and mining stocks on the back of firmer commodity prices. The ASX 200 traded 0.95% or 70.1 points higher in the first 15-minute trade on Friday.

ASX 200 today

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Investors on Wall Street are still concerned regarding the potential of a relatively fast pullback of monetary stimulus by the US Federal Reserve, leading to a continued selling in some stocks, while government bond yields kept edging higher on Thursday.

Most stocks were slightly up in the morning on Thursday, with financials among the leading sectors, supporting the broader market index, the S&P 500. However, by the closing, investors’ concerns took over and all three major US indices closed on a lower note.

The Dow Jones Industrial Average slid 0.47% to 36,236.48, while the S&P 500 fell 0.1% to 4,696.04. The NASDAQ Composite ended the session 0.13% lower at 15,080.87.

Read More: Three ASX EV stocks that are on investors’ watchlist

How has the market performed so far?

As of 11:00 AM AEDT, the ASX 200 surged higher by 1.43% or 105.2 points to 7,463.5, while the ASX All Ordinaries index was up 1.37% or 105 points to 7,784.3. The A-VIX fell 7.3% to 12.54.

Top 5 ASX gainers and losers

Data Source: ASX (as of 7 January 2022, 11:00 AM AEDT)

Unibail-Rodamco-Westfield CDI (ASX:URW) is the top gainer so far, climbing 5.63% to AU$5.25, followed by Medibank Private Limited (ASX:MPL) which rallied 4.41% to AU$3.55. On the flip side, James Hardie Industries PLC (ASX:JHX) was the top loser, falling 4.93% to AU$1.11, followed by Sims Limited (ASX:SGM) which slid 3.98% to AU$16.14.

On the sectoral front, the market is looking extremely bullish today with all the 11 sectors trading higher, with A-REITs leading the pack, moving 2% higher. Seven sectors are trading higher by over 1% including energy, financial and utilities. 

Newsmakers

  1. Woolworths Group Limited (ASX:WOW)
  • The company has withdrawn its bid to acquire Australian Pharmaceutical Industries.
  • Earlier, the company had proposed to acquire API for AU$1.75 per share.
  • The management stated that they were not able to validate financial results they required as per the group’s capital allocation framework.
  1. Atomos Limited (ASX:AMS)
  • The company is on track to exceed AU$95 million for FY22 revenue.
  • The EBITDA margins are also expected to remain between 12% to 15% for FY22.
  • 1H FY22 sales have grown 25% to AU$40.9 million, marginally exceeding the guidance of AU$40.9 million.
  1. Pinnacle Investment Management Group Limited (ASX:PNI)
  • The group reported AU$18 million in performance fee for the half year ended 31 December 2021.
  • The net share of this performance fee stands at AU$6.2 million.
  • A AU$2 million net return on principal investment is expected in 1H FY22.
  1. Magellan Financial Group Limited (ASX:MFG)
  • The group wrapped up 2021 with AU$95.5 billion in funds under management (FUM).
  • This included the loss resulting from the exit of St James's Place, which pulled its mandate worth AU$23 billion.
  • The management estimates an AU$11 million in performance fee to be garnered for six months ended 31 December 2021.
  1. James Hardie Industries PLC (ASX:JHX)
  • The company has terminated the employment of CEO Jack Truong, effective immediately.
  • The management cited multiple concerns raised by employees regarding his work-related interactions.
  • The board took the decision after undertaking extensive due diligence, which concluded that the CEO had breached the company’s code of conduct.

Read More: Why are ASX tech penny stocks disappointing investors in 2022?

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