ASX swings back to green, VIX up 4.8%

  • November 02, 2020 03:32 PM AEDT
  • Team Kalkine
    Team Kalkine
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ASX swings back to green, VIX up 4.8%

Summary

  • The ASX started the week with 0.29% uptick at 5,944.80, while its futures inched up by 0.68% at 5,931 mid-day.
  • Most of the indices are in line with the broader market; S&P/ASX 200 Utilities and S&P/ASX 200 Real Estate are up by 1.525% and 1.689% respectively.
  • Some indices also saw a minor cut; S&P/ASX All Technology Index and S&P/ASX 200 Resources are down by 0.718% and 0.028% respectively.
  • Some of the top gainers are AMP Limited (ASX:AMP) and Virgin Money (ASX:VUK), while Omni Bridgeway (ASX:OBL) and Polynovo Limited (ASX:PNV) were seen to be trading in red.
  • A-VIX surged by 4.8% in today’s session, trading at 25.33 mid-day. It has increased by almost 24% in the last five trading sessions alone.

Finally, we have entered the US election week for which the entire world was waiting for. With the voting for 59th quadrennial US presidential elections to take place tomorrow, the stock markets around the world are cautious.

Australian market update

Today on 2 November 2020, the markets have started the week with a green trading session so far. The AXS200 futures (ASX: AUS200) has been trading at 5,931 (as at 1:23 PM AEDT), up by 0.68%. The underlying ASX200 index (ASX: ASX200) is trading at 5,944.80, notched up by 0.29%.

The other indices are also following the boarder market trend like S&P/ASX 200 Utilities (ASX: XUJ) is trading at 6892.4, up by 1.525%. S&P/ASX 200 Real Estate (ASX: XRE) is trading at 3015.9, up by 1.689%.

Few of the indices are also witnessing some minor cuts like S&P/ASX All Technology Index (ASX: XTX) is down by -0.718% at 2515.1. S&P/ASX 200 RESOURCES (ASX: XJR) is also seeing a downtick of -0.028% at 4267.4

Top gainers and losers for the day

The top gainers that moved the market today are (as of 2:18 PM AEDT):

  1. AMP Limited (ASX: AMP)

AMP Limited surged up by 7.84% and traded at $1.64 in today’s trading session on the back of non-binding, conditional proposal from Ares Management Corporation.

  1. Virgin Money UK PLC (ASX: VUK)

Virgin Money notched up by 5.18% and trading at the highest level of the day at $1.72 after a gap-up opening at $1.7 compared to the previous close of $1.64.

  1. Sydney Airport Holdings Pty Ltd (ASX: SYD)

Sydney Airport is also showing some strength today and has increased by 4.77% and is trading at $5.71.

Top losers of the market today are:

  • Omni Bridgeway Limited (ASX: OBL)

Omni Bridgeway is seen to be a significant loser and is down by 4.49%. Currently, at $3.3, the stock is trading at six months low and not too far from its all-time low of $3.09.

Polynovo announced today that it has appointed Biogenesys as it’s distributor in Greece. But the news didn’t seem to cheer up the investors, which led to a 3.65% decline at $2.5 in today’s session.

  • Costa Group Holdings Limited (ASX: CGC)

Costa Group is trading with a cut of 3.23% at $3.44. After making a high of $3.83 last month, the stock is already down by 11.33%.

A-VIX continues its surge

VIX i.e. Volatility Index is an index which gauges the volatility of the broader market which tends to increase when there is uncertainty looming around. With major events like upcoming US elections and second global wave of the pandemic, the volatility is seen to be shooting up significantly. Besides, RBA’s rate cut bets are also playing a role here.

A-VIX, which depicts the volatility of the Australian share market, has shot up by 4.8% and is trading at 25.33 in today’s session alone. Over the last five trading sessions, A-VIX has surged by a massive 24%. This kind of event-based volatility is expected to be subdued only after event’s outcome.

 

 


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