ASX 200 today: What helped Australian market to reclaim 7,000 level

Summary

  • The Australian stock market on Friday reclaimed the psychological 7,000 level.

  • The domestic equity market advanced at the opening, tracking strong cues from the US stock markets.

  • The 10-year US bond yields softened on Thursday, allaying further fears among investors.  

     

The Australian stock market on Friday reclaimed the psychological 7,000 level. The Australian shares opened higher by 24 points or 0.34% to 7,006.70 after Wall Street settled with robust gains. The domestic stock market ASX 200 has fallen in the last three sessions. The major gainers in the early trade were banking and energy stocks.

The rise in US stock markets was on account of easing inflation-related concerns and demand for tech stocks. The 10-year US bond yields also softened on Thursday, allaying further fears among investors.

On Thursday, the equity benchmark closed lower by 0.88%.

Source: © Stbernardstudio   | Megapixl.com

By 10:25 AM (AEST), the ASX 200 rose 0.78% to 7,037.5. The financial stocks jumped 1.26%.

Janus Henderson Group (ASX:JHG) led the gains, rising 2.93%, followed by Challenger Ltd (ASX:CGF), gaining 2.67%.

Energy stocks rose 1.28%. Whitehaven Coal (ASX:WHC) jumped 8.76%, followed by Washington H Soul Pattinson and Company (ASX:SOL), gaining 2.26​%.

How Australian dollar performed today

The domestic currency traded down 0.05% to 0.772. The dollar index remained steady at 90.727.

Bond yield movement

The Australian bond yields traded lower today, with 10-year bond yields falling by 1.25% to 1.742. On Thursday, the benchmark 10-year US Treasury yields declined to 1.6625%.

READ MORE: Commodity Market at Multi-Year Highs, 10 Hot Stocks to look at

What is happening with commodities?

Crude oil traded on a weak note overnight amid concerns related to surging COVID-19 cases in India and resumption of the US gasoline pipeline.  At the time of writing, the Crude Oil Futures were up 0.03% to US$63.84.

READ MORE: Is 2021 going to be a sparkling year for aluminium?

The softening US bond yields helped the gold prices to rise overnight. The Gold Futures were trading higher by 0.09% to US$1,825.65 at the time of writing.

READ MORE: How is Australia tackling the climate change crisis?

Source: © Paultama   | Megapixl.com

Newsmakers

Synlait Milk (ASX:SM1) said that its finance chief Angela Dixon has resigned. The company has now appointed Rob Stowell, supply chain general manager, as interim CFO.

Blackstone Minerals Ltd (ASX:BSX) on Friday announced that the priority offer to its shareholders was now open under the initial public offering (IPO) of its wholly-owned subsidiary Codrus Minerals Ltd (CDR).

READ MORE: Three ASX-listed retail shares going great guns in 2021

Avita Medical (ASX:AVH) reported a decline in its quarterly net loss to AU$6 million, from AU$15 million a year ago after revenue surged to AU$8.77 million from AU$3.9 million.

Tempus Resources (ASX:TMR) said that it has closed the non-brokered private placement announced on 23 April 2021.

READ MORE: Three ASX gold stocks to mull over in wake of Janet Yellen’s inflation remark

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