ASX 200 slips marginally; IAG gains, EML and Appen fall

Highlights

• The ASX 200 benchmark index closed marginally lower today (25 July 2022), down 0.024% at 6,789.90 points.
• A favourable trading update from Flight Centre increased the value of travel equities.
• Major miners benefited from a recovery in iron ore prices.

Australian share market closed first day of the week on a negative note with the benchmark S&P/ASX 200 shedding 0.024% or 1.60 points to end at 6,789.90 points today (July 25).

A favourable trading update from Flight Centre Travel Group Limited (ASX:FLT) increased the value of travel equities today.

Key pointers from ASX close today

• The ASX 200 benchmark index closed lower on Monday, down 0.024% at 6,789.90 points.
• Bottom performing stocks in this index were EML Payments (ASX:EML) and Appen Limited (ASX:APX), down 22.18% and 15.02% respectively.
• Top performing stocks featured Insurance Australia Group Ltd (ASX:IAG), Unibail-Rodamco-Westfield (ASX:URW) and Nickel Industries Ltd (ASX:NIC) ending 5.94%, 5.19% and 3.00% higher respectively.
• In last five trading sessions, the benchmark index has gained 1.54%, but is down 8.79% on year-to-date basis.
• Most of the sectors ended with losses with 7 out of 11 ASX sectors closing the day in red territory.
• Materials was the best performing sector, gaining 1.08%. The sector has gained 2.42% in last five trading days.
• IT was the worst performing sector today, down 1.51%, followed by telecom sector which plunged 1.15% today.
• Volatility indicator A-VIX index was down 0.35% today.
• The All-ordinaries Index followed the broader market trend losing 0.077%.

News Makers

Moneyme Limited (ASX:MME): Moneyme Limited, a diversified financial company, today shared trading updates for Q4 FY22 ended on 30 June 2022. Along with H1 FY22, Moneyme was able to produce a positive cash profit in H2 FY22 as well.

Shares of Moneyme closed at AU$0.74 each, up 8.82% on ASX today.

Altamin (ASX:AZI): Altamin announced today that it will receive up to AU$94 million funding from Appian to secure the Gorno zinc project in Italy. Appian is global specialist mining private equity fund.

Altamin shares last traded at AU$0.095 per share, down 0.52% on ASX today.

Meeka Metals (ASX:MEK): Meeka Metals has reported a total rare earth extraction of up to 82% from Circle Valley, WA.

The findings are based on the first round of rare earth metallurgical testing carried out by ANSTO between May and June on five composite samples from Circle Valley.

Shares of Meeka Metals last exchanged hands at AU$0.051 apiece, down 5.56% on ASX today.

Bond yields

Australia’s 10-year Bond Yield stands at 3.369% as of 4.04 PM AEST.

Image Source: © Rido | Megapixl.com

In global markets

US equities dipped on Friday as concerns over a brisk economic downturn were heightened by dismal business activity data.

Additional worries about a global economic slowdown were stoked by a batch of weaker-than-anticipated PMIs released on Friday, with the contractionary shift for both the US Services PMI and the EuroZone composite being the primary offenders.

US futures had a rough start to the new week. S&P 500 Futures fell by 0.17% or 6.25 points at 3,958.75 points at 4.09 PM AEST.

Major miners benefited from a recovery in iron ore prices. After China disclosed plans for a fund to resolve a property problem, the most actively traded contract on the Dalian Commodity Exchange increased 7.15% over the course of the weekend. The war-chest will be utilised to purchase and finish incomplete projects that will be rented out.

Fortescue Metals Group Limited (ASX:FMG) reached a three-week high, closing 2.36% higher today, while Rio Tinto Limited (ASX:RIO) added 0.91%, and BHP went up 1.63%.

In Asia, the Asia Dow fell 0.0081%, while Nikkei in Japan lost 0.82% at 4.11 PM AEST. On the other hand, Shanghai Composite in China dropped 0.43% while the Hang Seng in Hong Kong fell 0.20% at 4.13 PM AEST.

In Commodities markets

Crude Oil WTI was spotted trading at US$93.98/bbl at 4.08 PM AEST while Brent Oil was at US$97.71/bbl at 4.13 PM AEST.

Gold was at US$1724.58 an ounce, copper was at US$3.337/Lbs and iron ore was at US$103/T at 4.14 PM AEST.