- The Australian stock market opened on a weak note on Monday after three major Wall Street indices closed lower in the previous trading session.
- Most sub-indices were trading in red.
- By 10:30 AM (AEST), the ASX 200 was trading 1.50%, or 110.90 points lower, at 7,258.
The Australian stock market opened on a weak note on Monday after three major Wall Street indices closed lower in the previous trading session. The domestic equity benchmark ASX 200 started the trade 0.31% lower at 7,345.90.
The ASX 200 index settled 0.13% higher at 7,368.9.
Meanwhile, the Dow Jones fell 1.58% on Friday, marking the worst week for the blue-chip index since January 2021. The S&P 500 lost 1.31%, while the NASDAQ Composite dipped 0.92%.
Source: ©Ymgerman | Megapixl.com
What has happened so far?
By 10:30 AM (AEST), the ASX 200 was trading 1.50%, or 110.90 points lower, at 7,258.
The index has lost 0.81% for the last five days but sits 2.06% below its 52-week high.
Most sectors were trading in the negative zone.
Commonwealth Bank of Australia fell 3.4% to AU$1.93 after announcing the sale of its CommInsure General Insurance business.
Boral is among few shares that were trading higher. The stock was up 2.7% after announcing the sale of its North America building products business.
The broader All Ordinaries index was down 1.645%, while the ASX 200 VIX Index was up 16.838%.
Source: ASX website; as of 10:30 AM (AEST)
How has the Australian dollar moved?
The Australian dollar was trading 0.08% higher, at 0.7506. The dollar index surged 0.43% on Friday to 92.314, its highest level since mid-April 2020.
READ MORE: Top five renewable energy stocks on ASX
What is up in the commodity space?
Brent crude futures rose 0.6%, to settle at US$73.51 per barrel, while West Texas Intermediate (WTI) crude was up 0.8%, to US$71.64 per barrel.
The WTI crude oil futures were trading 0.45% higher, at US$71.61.
On Friday, gold struggled to recover and ended the session in red for the sixth straight session. The yellow metal closed the week with a sizable loss of 5.7%, making it its worst week in over a year.
Spot gold on Friday fell 0.1% to US$1,770.96 an ounce by 1:51 PM EDT, halting an initial uptick during the session.
The copper futures were trading 0.21% higher, at US$1,772.70.
Source: ©Shimanovichs | Megapixl.com
On Friday, the most actively traded iron ore futures contract for the September month delivery closed the session with an uptick of 1.99% to 1,229 yuan.
Copper on Friday closed the week with its biggest fall since March 2020 after China said it would sell state reserves to limit prices.
The copper futures were trading 0.52% higher, at US$4.1395.
Commonwealth Bank of Australia (ASX:CBA) has signed an agreement to sell CommInsure General Insurance to the Hollard Group. The deal includes AU$625 million of upfront consideration, together with deferred payments and additional investment from Hollard.
Boral (ASX:BLD) announced an agreement with a subsidiary of Westlake Chemical Corporation to sell its North American building products business for US$2.15 billion.
SILK Laser Australia (ASX:SLA) has completed a fully underwritten placement to sophisticated and institutional investors to raise AU$20 million.
The securities of Vanadium Resources (ASX:VR8) would be placed in trading halt at the request of company, pending an announcement.
Trustpower, in which Infratil (ASX:IFT) is a 51% shareholder, announced the sale of its gas, telecommunications, and retail electricity supply business to Mercury NZ.