ASX 200 rises 0.6% in early trade; Mesoblast, Regis top gainers

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ASX 200 rises 0.6% in early trade; Mesoblast, Regis top gainers

 ASX 200 rises 0.6% in early trade; Mesoblast, Regis top gainers
Image source: © Rawpixelimages | Megapixl.com

Highlights

  • The Australian shares regained momentum after opening slightly lower.

  • The ASX 200 rose 36.90 points or 0.56% to 6,605.00, in the first 10 minutes of early trade.

  • Over the last five days, the index has gained 0.40%.

Australian shares opened down 0.80 points on Friday to 6,567.30 after the three major Wall Street indices closed lower in the overnight trade. However, the  ASX 200 soon gained strength and rose 36.90 points or 0.56% to 6,605.00, in the first 10 minutes of early trade. On Thursday, the benchmark index fell 2% to 6,568.1 points.

Over the last five days, the index has gained 0.40% but is down 11.28% for the last year to date. On the other hand, the ASX All Ordinaries index was up 0.67% to 6,791.7. The A-VIX was unchanged at 19.18.

Shares of domestic commodity companies may feel some pressure during the day due to muted underlying prices.

Global equity indices

On Thursday, global equity indices ended sharply down, and bond yields sank following the release of the US consumer spending data, which revealed a less-than-expected surge in the month of May.  In the overnight trade, the Dow Jones sank 0.8%, the S&P 500 fell 0.9%, and the NASDAQ slipped 1.3%. Meanwhile in Europe, the Stoxx 50 fell 1.7%, the FTSE dipped 2%, the DAX slipped 1.7%, and the CAC ended 1.8% lower.  

Market action

Data Source: ASX (as of 1 July 2022, 10:30 AM AEST)

Image Source: © 2022 Kalkine Media®

While Mesoblast (ASX:MSB) and Regis Resources (ASX:RRL) were the top gainers, Whitehaven Coal (ASX:WHC) and Newcrest Mining (ASX:NCM)were the top laggards.

Nine sectors were trading in the green, while the materials and energy were the only sectors in the negative territory due to a decline in commodity prices. Consumer Staples gained the most on the first day of July.

Newsmakers

  • On Thursday evening, Virgin Money UK announced a share buyback program.
  • Harris Technology’s full-year revenue is expected to be nearly AU$50 million, a 20 rise on FY21.
  • Austal USA has bagged a deal with a potential value of US$3.3 billion.
  • AVZ Minerals said that its trading halt may remain until 15 July 2022.

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