ASX 200 opens on a strong note; what to expect | AU Market Updates

  • March 03, 2021 12:00 PM AEDT
  • Team Kalkine
    Team Kalkine
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The Australian equity benchmark ASX 200 on Wednesday opened higher, up 15 points or 0.22 per cent to 6,777.30, even as the US stocks plunged on concerns over the continued stretch of volatility in both bonds and stocks. The market sentiment was weighed down amid worries around swinging bond yields and the government’s spending bill mired in the Senate. A rise in bond yields has also boosted inflationary fears.

On Tuesday, the S&P 500 dropped 0.81 per cent to 3,870.29. The Dow Jones Industrial Average plunged 0.46 per cent to 31,391.52. The tech-heavy NASDAQ Composite Index shed 1.69 per cent to 13,358.79, and the small-cap Russell 2000 ticked down 1.93 per cent to 2,231.51.

On Tuesday, the ASX 200 closed at 6,762.30, down 27.30 points or 0.40 per cent. The Reserve Bank of Australia (RBA) on Tuesday had kept the official interest rates unchanged and maintained commitment towards the continuation of quantitative easing via bond purchase. The fourth quarter GDP report is due for release later today.

Gainers and losers Sims Ltd (up 5.22 per cent) and Eagers Automotive Ltd (up 4.50 per cent) were among the top gainers. The laggards were Gold Road Resources Ltd and Omni Bridgeway Ltd, down 8.05 per cent and 6.99 per cent, respectively. Over the last five days, the index is virtually unchanged, but is currently 2.32 per cent below its 52-week high.

The broader All Ordinaries index was up 0.215 per cent, while the ASX 200 VIX Index was down 7.501 per cent.While ASX 300 Metals and Mining was up 1.708 per cent, ASX 200 Information Technology was down 1.077 per cent.

Australian Dollar, Bonds, Oil and Bitcoin

AUD/USD was currently trading up 0.63 per cent to 0.7819.

WTI Crude Oil (Futures) last traded up 0.20 per cent to US$59.55 per barrel.


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