The Rise and Fall of ASX 200: Why the Australian benchmark tumbled

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The Rise and Fall of ASX 200: Why the Australian benchmark tumbled

 The Rise and Fall of ASX 200: Why the Australian benchmark tumbled

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Summary

  • The ASX 200 on Thursday opened higher after US stocks closed mostly lower overnight.
  • However, soon the index dropped 31.70 points or 0.45% to 6,991.40.
  • Energy and Materials were up over 1%. Materials, Metals & Mining, and Resources were also trading higher.

The ASX 200 on Thursday opened higher after US stock closed mostly lower overnight. The benchmark ASX 200 opened higher by 10.40 points or 0.15% to 7,033.50. However, soon the index dropped 31.70 points or 0.45% to 6,991.40.

According to experts, investors are closely watching earnings season for further trigger. They are also keeping a close eye on coronavirus vaccine-related developments with respect to the ongoing economic recovery. Meanwhile, bond yields softened and oil and dollar rallied on Wednesday.

READ MORE: 2 ASX growth shares under the spotlight

Source: © Ymgerman   | Megapixl.com

Gainers and losers

Among the top gainers were Ampol (ASX:ALD), Mineral Resources (ASX:MIN), and Iluka Resources (ASX:ILU). The top laggards were Regis Resources (ASX:RRL), Evolution Mining (ASX:EVN), and Collins Foods (ASX:CKF).

READ MORE: 5 ASX Penny Stocks Not to be Missed in April 2021

Sectoral movement

Most sectors were trading in red. Energy and Materials were up over 1%. Materials, Metals & Mining, and Resources were also trading higher.

READ MORE: What’s troubling Rio Tinto’s US$463M mine project in South Africa?

Bond yields rise

The 10-year Australian bond yield rose by 1.87% to 1.740. Benchmark 10-year treasury notes notched up by 1.3 basis points to yield 1.6359%.

READ MORE: Sugar Prices Ripe to Jump out of Bear Grip?

Australian dollar slips

The Australian dollar was trading down 0.13% to 0.7734. The US dollar index dipped 0.162%.

READ MORE: Interesting Lithium Shares that are Riding the EV Bandwagon

Gold prices ease

US gold Futures settled down 0.6% at US$1,736.30 an ounce as the vaccination drive is picking up across the globe.

Source: © Sadeq68 | Megapixl.com

Crude oil prices rise

The WTI crude Futures rose US$2.97 to settle at US$63.15 a barrel, while Brent crude Futures settled up by US$2.91 at US$66.58 a barrel.

Bitcoin rallies

Bitcoin touched a record high of US$64,895 ahead of the listing of cryptocurrency platform Coinbase Global Inc (COIN) on NASDAQ.

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