AUS
NZ
UK
CA
USA
IND
Highlights
Australian shares opened higher on Friday.
The benchmark ASX 200 index opened 23 points or 0.35% higher at 6,671.
The index has advanced 2% in the last five days.
Australian shares opened higher on Friday, taking cues from a strong overnight closing on Wall Street. The benchmark ASX 200 index opened 23 points or 0.35% higher at 6,671, boosted by energy and materials shares. The index has advanced 2% in the last five days. But it is down 10.39% on a year-to-date (YTD) basis. While the ASX All Ordinaries index rose 0.376% to 6,862.6, the A-VIX was down 4.5% at 17.96 at open.
On Thursday, the benchmark ASX 200 index closed 0.8% higher to 6,648 points. The Australian benchmark index advanced 46.80 points or 0.70% to 6,694.80 in the first 10 minutes of the trade.
The Australian share market is likely to get a boost by commodity sub-indices during the day. On the other hand, investors are expected to welcome the possibility of aggressive interest rate hikes to control surging inflation. Meanwhile, oil prices rebounded on Thursday after sharp losses over the last two days as supply fears offset recession concerns.
Global equity indices
US treasury yields surged, with the 10-year note rising above 3%, as investors awaited jobs data, which is set to be released before Friday’s market open.
Meanwhile, on Wall Street, the Dow Jones advanced 1.1%, the S&P 500 surged 1.5%, and the NASDAQ ended 2.3% higher.
In Europe, the Stoxx 50 surged 2%, the FTSE gained 1.1%, the CAC surged 1.6%, and the DAX fell 2%.
Market action
Data Source: ASX (as of 8 July 2022, 10:30 AM AEST)
Image Source: © 2022 Kalkine Media®
While Chalice Mining (ASX:CHN) and Whitehaven Coal (ASX:WHC) were the top gainers, Orora Ltd (ASX:ORA) and Magellan Financial Group (ASX:MFG) were the top losers.
Materials (up over 3%) was today’s best performing sector, followed by energy (up over 2%). Consumer staples (down over 1%) was the worst performing sector in early trade.
Newsmakers
- GQG Partners' funds under management (FUM) fell from US$33.7 billion to US$31 billion in June.
- Magellan Financial Group reported an outflow of AU$5.2 billion in the June quarter.
- Vulcan Energy announced it would develop its Italian projects after inking a deal with Enel Green Power.
- St Barbara said its three provinces met FY2022 guidance in the June quarter.
