ASX 200 today:  Will bank, tech stocks keep Australian shares lower?

Summary

  • The ASX 200 on Thursday opened on a higher note.
  • The ASX 200 opened higher 12.10 points or 0.17% to 7,107.90 and set a new 52-week high.
  • Australia’s 10-year bond yields fell 1.43% to 1.659.

The ASX 200 on Thursday opened in the positive territory. On Wednesday, the ASX 200 closed at a new 14-month high.

The ASX 200 opened higher 12.10 points or 0.17% to 7,107.90 and set a new 52-week high. However, the index soon dropped nearly 20 points inside the first hour of trade.

Source: © Stbernardstudio   | Megapixl.com

The losses in banks and technology stocks counterbalanced the advances made by miners supported by higher commodity prices. Heavyweight miners rose 2.2% to their highest in nearly 13 years. The iron ore price also appear robust as steel rally boosted demand side factors.

Global mining giants BHP Group and Rio Tinto jumped as much as 3.2% and 2.2%, respectively, with BHP being among the top three gainers in the benchmark. Energy stocks rose about 1%. The bottom performing stocks in ASX 200 are tech stocks Nearmap Ltd HUB24 Limited and Appen Limited.

Tech stocks however, tracked overnight NASDAQ slipping as much as 1.7%, and falling for a fifth consecutive session.  Buy-now-pay-later giant Afterpay also declined for a fifth straight session, losing as much as 3.2%, while WiseTech Global fell 1.6%. Banks lost more than 0.5%, with all the "Big Four" banks trading in red.

10-year bond yields drop

Australia’s 10-year bond yields fell 1.43% to 1.659. The US benchmark 10-year yield, touched a high of 1.626% in today’s session and closed at 1.57%.

Copper prices rise

The benchmark three-month copper on the London Metal Exchange (LME) touched $10,040 a tonne overnight, its highest since February 2011. The red metal's prices rose on speculative buying and signs that the major economies were recovering from COVID-19 impact.

Gold prices edge higher

Spot gold added 0.4% to US$1,784.69 an ounce, while the US gold Futures gained 0.29% to US$1,784.10 an ounce.

Source: © Paultama   | Megapixl.com

Crude oil prices fall

The Brent crude fell 0.3% to US$68.67 a barrel, while the West Texas Intermediate (WTI) crude was down 0.6% and settled at US$65.29.

Bitcoin price rises

Bitcoin traded higher by 4.56% to US$57,029.29.  

Newsmakers

In a presentation at Macquarie Australia Conference this morning, ASX announced that it was on track to meet its guidance for capital spending of AU$110 million to AU$115 million.

Star Entertainment Group (ASX:SGR) said that even as its performance was improving, COVID-19 restrictions continued to impact during the second half of the financial year.

Eclipx Group (ASX:ECX) said that its revenue from continuing operations dipped 0.7% to AU$333.2 million, while cash net profit after tax rose 153.4 to AU$39.3 million.

Southern Cross Media Group (ASX:SXL) announced that its third quarter advertising revenues were down 4.3%. However, it was better than guidance of between -6 and -8%

HT&E (ASX:HTI) said that its Australian Radio Network (ARN) business saw an improving advertising market, with total revenues for Q1 up nearly 2.5% on the prior period, with March 2021 an improvement as on March 2020.


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