ASX 200 rises at open; Pinnacle up over 14%

November 11, 2022 10:38 AM AEDT | By Ashish

ASX 200 rises at open; Pinnacle up over 14% — Image source: © Herrbullermann | Megapixl.com

Highlights

Australian shares opened higher on Friday.

The ASX 200 gained in the opening trade, rising 36.10 points, or 0.52%, to 7,000.10.

On Thursday, the benchmark index ended 0.5% higher at 6,964 points.

Australian shares opened higher on Friday after Wall Street rallied sharply in the overnight trade. The major stock markets in the US jumped supported by lower-than-expected inflation in the US, which triggered bets that the US Federal Reserve would now slow down the pace of its aggressive monetary policy tightening.

The ASX 200 gained in the opening trade, rising 36.10 points, or 0.52%, to 7,000.10. On Thursday, the benchmark index ended 0.5% higher at 6,964 points.

While the All-Ordinaries index rose 0.505% to 7,181.8, the volatility index rose 1.491% to 16.404. After the first 10 minutes of trade, the ASX 200 was trading at 7,147.70, up 183.70 points, or 2.64%.

On Wall Street, the Dow Jones rose 3.70%, the S&P 500 surged 5.54%, and the NASDAQ ended 7.35% higher.

In Europe, the Stoxx 50 rose 3.2%, the FTSE gained 1.1%, the CAC rose 2%, and the DAX ended 3.5% higher.

MSCI's gauge of stocks across the globe rose 4.57%.

Market action

After half-an-hour, the benchmark index ASX 200 was trading up 2.54%, or 176.70 points, at 7,140.70. All 11 sharemarket sectors posted gains, led by an over 4% surge in real estate shares.

Data Source: ASX (as of 11 November 2022, 10.30 AM AEST)

Newsmakers

Nine Entertainment has closed a five-year deal for the Australian Open for AU$425 million in cash.
Accent reported total group-owned sales had risen 52% in the first 18 weeks of FY2023.
Avita Medical’s commercial revenue this year is expected to be between AU$33 million and AU$34 million.

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