ASX 200 to give up half of yesterday’s gain

  • February 24, 2021 08:52 AM AEDT
  • Aayush
    Research Analyst Aayush
    30 Posts

    Aayush is a Research Analyst at Kalkine, with rich experience of over 3 years catering to capital markets. He has been a sell side equity advisor for two years and is currently dwelling deep into the equity research. He holds MBA in finance degree an...

ASX 200 to give up half of yesterday’s gain

Source: Shutterstock

Summary

  • ASX 200 is all set to give back half of yesterday's gains as it is likely to open 33 points down.
  • Bitcoin is down by 10.9 per cent to US$48,116 and has fallen by more than 16 per cent in the last two sessions.
  • WTI Crude oil has made a new 52 week high of US$62.97 a barrel.
Gold MTF non-AMP

On Tuesday, ASX 200 had witnessed a decent rally across the board, and the benchmark index shot up by 0.89 per cent or 58.3 points to 6839.2. However, today, the market is all set to give back half of the gains as ASX 200 is likely to open 33 points down or 0.5 per cent lower.

The US markets had a volatile session and again closed with a mixed opinion. The Dow Jones closed the session mildly up by 0.05 per cent to 31,537.4 while S&P 500 was up by 0.13 per cent. The tech-heavy Nasdaq was down by 0.5 per cent.

The CBOX VIX had risen to the highest level for this year at 27.01 but settled down lower at 23 (as at 8:20 AM AEDT). The ASX 200 VIX Index rose by 0.15 per cent in yesterday’s session.

Bitcoin is having panic selling since yesterday after Janet Yellen calls it a highly speculative asset and an inefficient currency. In just two days, Bitcoin has fallen by more than 16 per cent to US$48,116.

The AUD/USD is trading flat at 0.7909

Crude oil price at new high

WTI Crude oil has made another new 52-week high of US$62.97 a barrel. However, it has also seen some selling pressure from the top and is currently trading flat at US$61.92 per barrel.

Energy producers such as Santos Limited (ASX:STO) and Oil Search Limited (ASX:OSH) should be on investors’ watchlist for the day.

 

Read More: Crude Oil at One Year High; Stocks Under Radar - BP Spon & Exxon Mobil Corp.

Gold price falls again

After two days of steady gain, gold seems to have given up and is trading down by 0.23 per cent to US$1804.95. Gold miners such as ST Barbara Limited (ASX:SBM) and Newcrest Mining Limited (ASX:NCM) could also take some pressure today.

Market Movers

Blackmores Limited (ASX:BKL) would be announcing its half-yearly earnings report for the period ended 31 December 2020. According to Goldman Sachs, a healthy increase of 7.9 per cent to $318.2 million in revenue could be seen. Woolworths Group Limited (ASX:WOW) is another crucial result for the day.

 

 


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