ASX ends final session of the week lower
Last updated: 4:20pm AEDT
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The ASX ended down, after the gloomy market sentiment on Wall Street, reverberated through the local market Friday.
The S&P/ASX200 ended the session, dropping 53.90 points or 0.80% to 6,676.80.
The broader All Ordinaries closed lower, falling 48.80 points or 0.71% to 6,869.90.
Across the market, sectors were mixed, with 10 of 11 sectors lower, with the Utilities sector the biggest losing, falling more than 2.3%.
The Materials sector fared better, dropping just 0.3%.
Within the Materials sector Perseus Mining (ASX:PRU) was a major gainer, rising as much as 7% in the afternoon. It came after the Australian Africa-focused gold miner finalised a deal to sell its stake in the Ivory Coast-based, Napié Gold Project, to Mako Gold Limited (ASX:MKG).
Meanwhile the Financial sector dropped around 1.2% for the day, with Insurance Australia Group (ASX:IAG) shares dropping after the company’s leadership at the AGM, detailed inflation pressures and higher insurance claim volumes amid extreme weather events in Australia.
ASX continues in the red
Last updated: 1:45pm AEDT
The Australian share market remained in negative territory in afternoon trading, weighed down by ongoing recession fears taking hold of U.S. markets.
The S&P/ASX200 was lower, dropping 29.60 points or 0.44% to 6,701.10.
The All Ordinaries was also down, dropping 26.50 points or 0.38% to 6,892.20.
Across the market, sectors were mixed, with nine of 11 sectors lower.
The Industrials and Financial sectors were the biggest losers, dropping more than 1.3% and more than 1.1% respectively.
Within the Financial sector, Insurance Australia Group (ASX:IAG) was a major loser. Its shares were down as much as 4% by midday, after the company’s leadership at the AGM, detailed inflation pressures and higher insurance claim volumes amid extreme weather events in Australia.
The ASX takes a dip
Last updated: 11:05am AEDT
The ASX fell upon opening today, tracking Wall Street losses overnight, which remains bearish amid ongoing inflation ills and looming rate hikes.
The S&P/ASX200 was lower today, dropping 46.30 points or 0.69% to 6,684.40.
The broader All Ordinaries was also lower, dropping 42.70 points or 0.62% to 6,876.00.
All 11 sectors were down. The Financial and Industrials sectors were the biggest losers, dropping more than 1.3% and 1.2% respectively.
Whitehaven Coal (ASX:WHC) shares have been a favourite of many investors amid the volatile market, surging more than 320% year-to-date.
Even after this phenomenal growth, the majority of analysts still think Whitehaven’s stock has more room to run, according to TipRanks insights.
Pre-market breakdown
The ASX is set to open lower again today, after U.S. markets lag amid ongoing inflation ills; with a remedy of more aggressive interest rates now gaining greater support amongst policy makers.
ASX futures were down 0.4% to AU$6,698 around 6:30am AEDT.
The expected losses follow a negative session yesterday, with the S&P/ASX200 closing lower, dropping 69.40 points or 1.02% to 6,730.70.
Ahead of Friday’s local market opening, the Australian dollar was up over 0.1%, sitting at US$0.62c.
WTI Crude was up around 0.07%, at around US$85.6 a barrel.
Gold was down by 0.10%, at around US$1626 an ounce.
Meanwhile, Bitcoin was up by around 0.5%, to about AU$30,373.
Market watch – Can Whitehaven Coal keep rising?
Whitehaven Coal (ASX:WHC) shares have been a favourite of many investors amid the volatile market, surging more than 320% year-to-date.
Even after this phenomenal growth, the majority of analysts still think Whitehaven’s stock has more room to run, according to TipRanks insights.
