ASX 200 rises at open; Chalice Mining, Mineral Resources top gainers

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ASX 200 rises at open; Chalice Mining, Mineral Resources top gainers

 ASX 200 rises at open; Chalice Mining, Mineral Resources top gainers
Image source: © Stbernardstudio | Megapixl.com

Highlights

  • The Australian share market rebounded on Thursday.

  • The ASX 200 rose 13.10 points or 0.20% to 6,607.60 in opening trade.

  • The Dow Jones advanced 0.23%, the S&P 500 surged 0.36%, and the NASDAQ ended 0.35% higher.

The Australian share market rebounded on Thursday, with the ASX 200 rising 13.10 points or 0.20% to 6,607.60 at open, buoyed by a rise in the materials sector. The ASX 200 rose 25.20 points or 0.38% to 6,619.70 in the first 10 minutes of the trade.

The index has advanced 0.60% in the last five days. But it is down 11.24% on a year-to-date basis.  The ASX All Ordinaries index rose 0.212% to 6,798.7 and A-VIX was up 0.138% at 18.816 at open.

Domestic investors are expected to closely track their US peers following the release of the US Federal Reserve’s latest monetary policy minutes which showed that a large interest rate hike may be on the block in the upcoming June meeting. On the other hand, the prices of oil extended their fall on in yesterday’s session.

On Wednesday, the ASX 200 declined 0.5% to 6,594.5 points.  

Global equity indices

According to the latest report by the US labor department, job openings dipped last month, indicating a tight employment scenario amid fears of recession. Job openings stood at 11.3 million in May, a marginal decline from record highs in March 2022.

Meanwhile, the Dow Jones advanced 0.23%, the S&P 500 surged 0.36%, and the NASDAQ ended 0.35% higher.

In Europe, the Stoxx 50 rose 1.9%, the FTSE climbed 1.2%, the CAC gained 2%, and the DAX finished 1.6% higher.

Market action

 

Data Source: ASX (as of 7 July 2022, 10:30 AM AEST)

Image Source: © 2022 Kalkine Media®

While Chalice Mining (ASX:CHN) and Mineral Resources (ASX:MIN) were the top gainers, EML Payments (ASX:EML) and Life360 (ASX:360) were the top losers

Materials (up 1.3%) was today’s best performing sector, followed by resources (up 1.09%). Health Care (down 0.3%) and information technology (down 0.2%) were the worst performing sectors in the early trade.

Newsmakers

  • Chalice Mining announced that a fresh nickel-copper-PGE sulphide zone has been intersected during Dampier Target’s initial drilling.
  • Pinnacle Investment announced its affiliates’ performance fees for FY2022.
  • Crown Resorts announced that its chief executive officer (CEO) Steve McCann will step down in September 2022.
  • Dye &Durham proposed a second revised bid to Link’s board.

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