Following losses on Wall Street, ASX 200 falls 2.2%

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Following losses on Wall Street, ASX 200 falls 2.2%

ASX 200 closed lower today
Image source: ©2022 Kalkine Media®


  • Today, the ASX 200 closed sharply lower; the broad-based decline was led by the materials and energy sectors.
  • Asian share markets and US futures also fell.
  • The global crypto market cap tanked more than 5%.

Today, the ASX 200 closed sharply lower, dropping 166.60 points or 2.27% to 7,175.80 and setting a new 50-day low. The index has lost 2.95% for the last five days but has gained 5.16% over the last 52 weeks.

On the sectoral front, all 11 sectors ended lower. The session's top sector, consumer staples, was lower by 0.93%, continuing its 1.27% decline for the last five days.

Top gainers & losers of the day  

The best performer today was Ramelius Resources (ASX:RMS), up 2.5%. Next up was Boral Limited (ASX:BLD) and Gold Road Resources (ASX:GOR), up 2.2% and 1.3%, respectively. Silver Lake Resources (ASX:SLR) and Northern Star (ASX:NST) were also amongst the top gainers.

In the red zone of the ASX 200, Palandin Energy (ASX:PDN) was the top laggard, down 10%. Other stocks that fell today were Imugene (ASX:IMU), Lynas Rare Earths (ASX:LYC), Zip Co (ASX:Z1P) and Sandfire Resources (ASX:SFR).

Asian and global market

Asian share markets and US futures fell today. This happened after the American stocks took a blow overnight Investors seemed upset by haunting worries over the US Fed’s tightening and weaker-than-expected economic and earnings data. MSCI's broadest index of APAC shares outside Japan plummeted 0.8%, and Japan's Nikkei fell 1.66%. Besides, oil prices fell sharply on track for their first weekly loss in 2022.

Investors are eying market movements

©2022 Kalkine Media®

Overnight, major US stock indexes gave up an early session rebound. They turned negative in the final hour of trading. Among the biggest losers was Peloton. Its shares fell over 25%, propelled by a report that it’s momentarily halting production of bikes and treadmills.

On the economic front, as per the US the Labor Department, first-time jobless claims unexpectedly rose by 55,000 last week to 286,000.

Crypto market performance

Today, the bleeding in cryptocurrency tokens continued. The global crypto market cap fell over 5% and slipped to USD 1.87 trillion mark, thanks to constant selling. Also, the total crypto market volume dropped over 11% to USD 66.73 billion.

Bitcoin once again breached below the USD 40,000 mark. Following suit, Ethereum slipped below USD 3,000 level, hit by investors’ weakening sentiment.

In other news, Russia has proposed banning the use and mining of crypto on its territory. The pain in altcoins deepened following this update, which tanked higher. Russia's central bank has cited threats to financial stability, citizens' wellbeing, and its monetary policy sovereignty.


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