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Highlights:
- ASX200 moves 0.45% higher as energy and materials stocks rebound today.
- Top losing sectors on the ASX200 index today (July 8) were Telecom and Financials.
- Copper and Iron ore price spike seems to be pushing material stocks higher.
ASX200 regained momentum this week as it closed 0.45% higher at 6678.00 points on Friday (July 8).
Friday’s trade extended yesterday’s gains as material and energy stocks continued to push the index higher. The top losing sectors on Friday were telecom and financials.
Other indices and trends
Volatility indicator A-VIX index continued to move down, falling over 4% today. Meanwhile the All-ordinaries index gained 0.587%. Large cap representative ASX 50 index (XFL) closed 0.24% higher. Even mid-caps and small ordinaries indices gained along the broader market trend.
Best and worst on ASX 200
Image Source © 2022 Kalkine Media ®, data source- ASX website
Market movers
- The upward trail of oil and iron ore prices seems to have boosted energy and material stocks on ASX today. Among energy sector stocks, Woodside Energy (ASX:WDS) and Santos (ASX:STO) gained more than 2%, while Beach Energy (ASX:BPT) went up 4%.
- Mining heavyweights Rio Tinto (ASX:RIO) and BHP Group (ASX:BHP) went up over 2%. Champion Iron (ASX:CIA) also performed well and gained over 4%.
- Under Financials, key newsmakers were GQG Partners (ASX:GQG) and Magellan Financials (ASX:MFG) as they released their FUM data today. While GQG reported net inflows of US$2.8 billion in June, Magellan reported net outflows worth AU$5.2 billion. However, share of both GQG and Magellan ended in red.
- Bendigo and Adelaide Bank (ASX:BEN) was also in news for delivering a 0.6% interest rate hike on one of its deposit accounts.
In global markets,
Investors across the globe appeared a little hopeful after a rally in US stocks sparked up hopes that policymakers can tackle inflation without causing a recession. The US Fed’s top executives have supported the need for restrictive policies to curb soaring prices while suggesting that US can still avert recession. Investors are now waiting for the release of US jobs report, which will be released later today.
In Asia, Japanese Nikkei gained as neighbour South Korean KOSPI jumped higher. Even Hong Kong’s Hang Seng index ended in green. Chinese, Shanghai Composite and Shenzhen Component also edged higher.
On commodities front,
- Oil prices continued to soar higher on worries of restricted global supplies. Both Brent oil futures and crude oil WTI futures were moving up on Friday.
- Copper and iron ore futures in Asia firmed up. However, analysts believe the red metal copper is most exposed to recession and related price movements.
- Gold prices also turned a little brighter after two days of losses. Spot gold was trading higher up Friday morning.
- In the crypto world, Bitcoin hit its highest level in over a week.
