ASX 200 rises at open; PointsBet, BHP up over 5%

The Australian share market opened higher on Monday after Wall Street closed on a positive note in overnight trade. However, weaker-than-expected economic data in China and nervousness ahead of release of Reserve Bank of Australia's (RBA) monetary policy meeting minutes may keep a tab on the gains.

The ASX 200 index rose 18.70 points, or 0.26% to 7.083 at the open. The ASX All Ordinaries index rose 0.235% to 7,342.1, while the A-VIX rose 1.296% to 14.147 at the open.  The benchmark index closed 0.45% higher at 7,064.3 points on Monday.

The benchmark index was trading at 7,106.90, up 42.60 points or 0.60% in the first 10 minutes of the trade. The index has gained 0.76% in the past five days but has declined 4.86% on a year-to-date (YTD) basis. 

In the US, the Dow Jones surged 0.45%, the S&P 500 gained 0.4%, and the NASDAQ rose 0.6%.

Market action 

The benchmark 10-year Treasury yields fell 2.795%. On the other hand, the US dollar index surged 0.785%, while the euro fell 0.97% to US$1.0158.

Data Source: ASX (as of 16 August 2022, 10:30 AM AEST) 

Image Source: © 2022 Kalkine Media® 

PointsBet was the top gainer, while Challenger was the top loser. 

Meanwhile, on the ASX, consumer staples and utilities were the best performing sectors, both rising over 1%.

Newsmakers 

• James Hardie Industries has announced a cut in its profit guidance for the three-month period ending 30 June 2022.
• BHP announced a record dividend after it posted the second-biggest profit in its history.
• SEEK reports its net profit from continuing operations surged 130% in FY 2022.
• Goodman Group’s operating profit rose 25.3% to AU$1.5 billion in the 2022 financial year.
• Tassal Group said that its board had accepted an improved AU$5.23 per share takeover offer from Cooke Seafood.
• Seven West Media announced an on-market share buyback of up to 10 % of the company’s issued capital.