AUS
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Highlights
- ASX 200 closed 0.1% lower and ended the week 1.2% stronger to post the third consecutive week of increases.
- While tech and consumer discretionary sectors came under pressure, materials was the best performing sector today.
- The ongoing Russia-Ukraine conflict has elevated concerns that tightened supplies will only worsen persistently rising inflation that threatens businesses and consumers globally.
The Australian share market has had an action-packed last few days where sinusoidal trends have continued. The market seems to be majorly benefiting from the commodities boom, triggered by the Ukraine crisis. On the economic front, the budget is likely to impart a huge stimulus to the economy, which is dealing with unusually low unemployment, but rising inflation.
As markets brace up for a fresh month, April 2022 started with history being made in Australia. Treasurer Josh Frydenberg named Michele Bullock as Deputy Governor of the Reserve Bank of Australia (RBA). She will become the first female deputy governor of the RBA in their 62-year history.
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Coming to the local bourse’s performance today, the ASX 200 closed down 5.80 points to 7,493.80. Over the last five days, the index has gained 1.18%, but is virtually unchanged over the last year to date. Today marked the third consecutive week of increases as the ASX 200 ended the week 1.2% stronger.
On the sectoral front, seven of 11 sectors ended lower. While tech and consumer discretionary sectors came under pressure, materials was the best performing sector, gaining 1.33% and 3.65% for the past five days. Shares in mining giants rose, energy stocks helped offset losses, lithium stocks rallied while major banks fell.
ASX Stock Market Updates | Australia Breaking News | Stock Market Live
Top gainers and losers
The best performer today was Allkem Limited (ASX:AKE), up 8.4%. It was followed by Pilbara Minerals (ASX:PLS), up 7.1%. Other stocks in the gainers list were Mineral Resources (ASX:MIN), South32 (ASX:S32) and Liontown Resources (ASX:LTR).
On the other side, in the red zone of the ASX 200, Perseus Mining (ASX:PRU) was the biggest laggard, its stock down over 5.3%. Other stocks in this zone were Reece Limited (ASX:REH), IDP Education (ASX:IEL), Polynovo (ASX:PNV) and Nanosonics Limited (ASX:NAN).
Three stocks that interested investors
Cann Group (ASX:CAN) has scored a regulatory win in the UK. The cannabis producer owns a European business Satipharm, which makes a range of CBD capsules to improve focus and treat sleep disturbances. Satipharm has been given approval to sell products in the UK. Besides, it is among 200 successful applications from more than 800 cannabis providers. Today, CAN shares shot up by nearly 8%, quoting AU$0.27.
Whitehaven Coal (ASX:WHC) has bagged the approval from the Independent Planning Commission NSW to extend the life of its Narrabri underground mine to 2044. The project is likely to deliver an AU$599 million net economic benefit to NSW. It will also contribute 500 jobs and AU$317 million of direct wages into the local community to 2044. As of now, the approval remains subject to conditions pertaining to carbon emission reductions. WHC traded in the green zone today.
Domain Holdings (ASX:DHG) plans to buy real estate technology platform Realbase for AU$180 million. The binding agreement includes contingent consideration of up to AU$50 million dependent on financial performance targets. Notably, the deal would allow for up to AU$18 million in synergies and efficiencies annually by FY 2026. DHG quoted AU$4 today.
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Asian and global market
Thanks to global developments, share market gurus expect volatility to remain high in the near term. Asian shares were mostly lower today, catalysed by a resurgence of Russian attacks that dashed hopes for any quick end to the war in Ukraine.
Japan’s benchmark Nikkei 225 slipped 0.7%, South Korea’s Kospi lost 0.6%, Hong Kong’s Hang Seng shed 0.8% though Shanghai Composite added 0.9%.
Overnight on the Wall Street, the S&P 500, and The Dow Jones Industrial Average 1.6% each. The Nasdaq composite fell 1.5%. Oil prices fell as President Biden ordered the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve.
