Australian shares dip into the red before close
Last updated: 4:35pm AEDT
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The ASX has dipped down before market close, after managing to stay in positive territory for most of the session.
The S&P/ASX 200 index fell 0.1%, finishing down just 4.90 points, to sit at 6,642.60.
The broader All Ordinaries index closed lower, dropping 7.80 points or 0.11% to 6,834.50.
NIB Holdings (ASX:NHF) was amongst the biggest losers for the day, dropping 12.5%. The health insurer’s shares sold down, after the market reacted adversely to its plan to raise money by diluting existing shares. The company is seeking to finance acquisitions, as it makes moves into Australia’s National Disability Insurance Scheme (NDIS).
Meanwhile, shares in Elmo Software (ASX:ELO) soared more than 28%, after it confirmed there are a number of prospective suitors interested in acquiring the local tech company.
ASX sits slightly up in afternoon trading
Last updated: 1:25pm AEDT
The ASX was slightly higher for the session in the afternoon, as the local market remained just in the green despite the gloomy global economic outlook.
The S&P/ASX200 was up just 4.00 points to 6,651.50.
Meanwhile, the broader All Ordinaries index was up just 4.50 points, to 6,846.80.
Across the market, sectors were mixed, with 6 of 11 higher. Financial remained the best performing sector, gaining 1.60% for the day so far, and 0.95% for the week.
Qantas Airways (ASX:QAN) was a top performer, with shares rising as much as 13% in the morning, hitting a multiple-month high of AU$5.84. The stock took off after the Australian airline issued a better than expected half-year profit outlook.
ASX trades up, despite drop on Wall Street
Last updated: 11:10am AEDT
The ASX was up marginally in morning trading, despite U.S. stock indices finishing its trading session in the red.
The S&P/ASX200 was up, gaining 18.60 points or 0.28% to 6,666.10.
The broader All Ordinaries index was up, gaining 17.90 points or 0.26% to 6,860.20.
Across the market, more sectors were lower than higher, despite the gain in the S&P/ASX 200 Index.
Financial was the best performing sector, gaining 2.09% for the session, and 1.44% for the past five days.
Alumina (ASX:AWC) shares were up 1.2% after analyst upgrades this week. Its seen its shares plunge this year alongside a weakened aluminium price. However, analysts forecast price rebounds and think the dip in Alumina stock may present a bargain opportunity for long-term investors.
Pre-market breakdown
The ASX is set to open lower today, with the U.S. Federal Reserve re-committing to sustained interest rate rises, as it works to wrestle down inflation, which remains stubbornly high.
ASX futures were up 0.23% to AU$6,630 approaching 6:30am AEDT.
It follows a flat session for the ASX yesterday, with the souring global economic outlook continuing to weigh down the local market.
Ahead of Thursday’s local market opening, the Australian dollar was up 0.2% at US62.83c.
WTI Crude was down around 2.3%, at around US$87.2 a barrel.
Gold was down by 0.5%, at around US$1674 an ounce.
Meanwhile, Bitcoin was up by around 0.2%, to about AU$30,466
Market watch
Alumina (ASX:AWC) shares have plunged this year alongside a weakened aluminium price. However, analysts forecast price rebounds and think the dip in Alumina stock may present a bargain opportunity for long-term investors.
