ASX 200 today: Market rises after strong US show; all eyes on RBA meet

Source:Poring Studio,Shutterstock

 Summary

  • The Australian equity benchmark ASX 200 opened higher on Tuesday, up 30 points or 0.36 per cent to 6,813.90, after all three major Wall Street indices closed higher overnight.
  • The broader All Ordinaries index was up 1.471 per cent, while the ASX 200 VIX Index was down 8,919 per cent.
  • Most sectors were trading in green. While ASX 200 Information Technology was up 2.966 per cent, ASX 300 Metals and Mining was down 0.048 per cent.

The Australian equity benchmark ASX 200 opened higher on Tuesday, up 24.30 points or 0.36 per cent to 6813.90, after all three major Wall Street indices closed higher overnight as the surge in Treasury bond yields appeared to have slowed down and concerns over Fed’s interest rate hike eased.

The rising bond yields had dragged down the blue-chip tech stocks and other high performers which had benefited from the easing of restrictions and economic recovery. Rising yields had also pushed up inflationary fears. On Monday, the S&P 500 settled up 2.38 per cent to 3,901.82, while the Dow Jones Industrial Average gained 1.95 per cent to 31,535.51. The tech-heavy NASDAQ Composite Index rose 3.01 per cent to 13,588.83, and the small-cap Russell 2000 added 3.37 per cent to 2,275.32.

Image Source: © Cmmeraydave | Megapixl.com

On Monday, the ASX 200 closed at 6,789.60, up 116.30 points or 1.74 per cent.

The Australian stock witnessed a rebound on Monday after the government bond yields fell following a short surge. The Reserve Bank of Australia (RBA) had stepped in to buy up to A$4 billion of government debt on Monday to ease rising yields.  The central bank would also meet today.

Gainers and losers

Austal Ltd (up 8.44 per cent) and Reece Ltd (up 7.04 per cent) were among the top gainers. The laggards were Fortescue Metals Group Ltd and Ramelius Resources Ltd, down 5.93 per cent and 3.53 per cent, respectively.

The index has lost 0.37 per cent for the last five days, but sits 1.79 per cent below its 52-week high.

The broader All Ordinaries index was up 1.471 per cent, while the ASX 200 VIX Index was down 8,919 per cent.

READ MORE: Three momentum stocks for March 2021

Most sectors were trading in green. While ASX 200 Information Technology was up 2.966 per cent, ASX 300 Metals and Mining was down 0.048 per cent.

Image Source: © Cmmeraydave | Megapixl.com

Australian Dollar, Bonds, Oil and Bitcoin

AUD/USD was currently trading up 0.29 per cent to 0.7774.

WTI Crude Oil (Futures) last traded down 2.11 per cent to US$60.20 per barrel.

The Australian government’s 10-year bond yields stood at 1.674, up 0.30 per cent.

Bitcoin was trading up 8.50 per cent to US$49,113.89.

READ MORE: Future of Bitcoin in Question As China, India Counter Crypto Wave

Newsmakers

Mesoblast on Tuesday announced that it had entered into subscription agreements for a A$138 million private placement led by SurgCenter Development. Ansell informed its shareholders that it may start buying back shares again under its buyback program. Cann reported a revenue rise of 29 per cent to A$0.9 million compared to A$0.7 million in HY20. Food division delivered A$0.81 million of group revenue, up 22 per cent from the corresponding period last year.

 

 


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