ASX 200 rises at open; Lynas, Viva Energy up over 4%

2 min read | August 26, 2022 10:34 AM AEST | By Ashish

ASX 200 rises at open; Lynas, Viva Energy up over 4% — Image source: © Stbernardstudio | Megapixl.com

Highlights

Australian shares opened marginally higher on Friday.

The ASX 200 index rose 12.70 points, or 0.18% to 7,060.80 at the open.

The index has shed 0.75% in the past five days.

Australian shares opened marginally higher on Friday after Wall Street closed on a strong note in overnight trade. The market is awaiting a speech by US Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium on Friday which would indicate whether the US central bank plans to reinforce interest rate tightening to tame rising inflation or not. Friday would witness another busy day of corporate earnings.

The ASX 200 index rose 12.70 points, or 0.18%, to 7,060.80 at the open. The index has shed 0.75% in the past five days and 5.75% in the last 52 weeks.

The ASX All Ordinaries index rose 0.169% to 7,304.2, while the A-VIX fell 6.955% to 12.991 at the open. On Thursday, the benchmark index closed 0.7% higher at 7,048.1 points. The benchmark index was trading at 7,070.30, up 22.20 points, or 0.31% in the first 10 minutes of the trade.

On Wall Street, the Dow Jones gained 1%, the S&P 500 rose 1.4%, and the NASDAQ ended 1.67% higher.

In Europe, the Stoxx 50 rose 0.2%, the FTSE gained 0.1%, the DAX surged 0.4%, but the CAC ended 0.1% lower.

Market action

The yields on the US 10-year note fell seven basis points to 3.04%. While the US dollar dipped 0.2% against a basket of currencies, the euro rose 0.05% to US$0.9974.

Data Source: ASX (as of 26 August 2022, 10:30 AM AEST)

Lynas was the top gainer, while Alumina was the top loser. On the ASX, miners, financials and healthcare drove the benchmark index higher.

Newsmakers

Wesfarmers’ net profit fell 1.2% on an 8.5% rise in sales.
Infomedia’s net profit after tax (NPAT) fell 49% on the prior year.
Paradigm Pharmaceuticals delivered a net loss of AU$39.2 million on a revenue of AU$8.7 million.
Bega Cheese reported a 69% fall in profit after tax (PAT).
Australian Ethical posted a 15% dip in FY 2022 net profit.
Ramsay Healthcare posted a 25.1% fall in profit before tax (PBT) in FY2022.
Lynas Rare Earths’ revenue surged 88% and its net profit after tax (NPAT) rose 244%.

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