Australian Stock Market Today – Thursday October 20: What You Need to Know

Australian shares end lower, following Wall Street gloom

Last updated: 4:35pm AEDT

The ASX ended lower for the day as simmering inflation and recession fears reared their head on Wall Street overnight, dragging down market sentiment on the local market.

The S&P/ASX200 closed lower, dropping 69.40 points or 1.02% to 6,730.70.

The broader All Ordinaries also closed down, dropping 81.10 points or 1.16% to 6,918.70.

Across the market, 10 of 11 sectors were lower, with Information Technology taking the heaviest hit, losing more than 3.7% for the session.

The Materials Sector also saw a big drop, falling more than 2.5%. Amongst the sector’s biggest losers was Australian gold miner, Evolution Mining (AU:EVN), which saw its shares fall steeply after it announced a drop in production for the September quarter.

Energy was the only sector in the green, climbing more than 3%. Amongst the sector’s biggest gainers was Woodside Petroleum (ASX:WDS), which finished the day up more than 5.7%. The jump followed the company announcing record revenue and raising its production outlook, on the back of strong global oil demand.

ASX dragged down amid global recession concerns

Last updated: 1:30pm AEDT

Australian shares continued to drop in afternoon trading, with the Information Technology and Consumer Discretionary sectors dragging the market down as global recession fears spike.

The S&P/ASX200 was lower today, dropping 76.80 points or 1.13% to 6,723.30.

The broader All Ordinaries index was also lower, dropping 91.80 points or 1.31% to 6,908.00. 

Ten of 11 sectors were in negative territory. The Information Technology and Consumer Discretionary sectors  – both particularly vulnerable during recession – were the biggest losers. Information Technology was down more than 3.5%, while Consumer Discretionary was down over 2.2%.

The Energy sector was the best performing sector, climbing 2.72%. Amongst the sector’s biggest gainers was Woodside Petroleum (ASX:WDS), which saw its shares jump after the company announced record revenue and raised its production outlook, on the back of strong global oil demand.

ASX down, after Wall Street drops

Last updated: 10:50am AEDT

The ASX dropped this morning, weighed down by the U.S. inflation and recession fears that gripped Wall Street overnight.

The S&P/ASX200 was lower, dropping 62.60 points or 0.92% to 6,737.50.

The broader All Ordinaries index was lower, dropping 66.30 points or 0.95% to 6,933.50. 

Across the market, sectors were mixed, with 10 of 11 lower for the session.

Energy was the best performing sector, gaining 3.20% for the day so far, and 3.40% over the last five days.

Amid recession fears, the Utility sector has typically proven a popular safe haven for investors seeking shelter. While the sector was down around 1% in morning trading today, it remained up 2.7% for the week.

AGL Energy Limited (ASX:AGL) and Contact Energy Limited (ASX:CEN) are among analysts’ favourite utility shares, according to TipRanks insights.

Pre-market breakdown

The ASX is set to open lower, on the back of falls on Wall Street, as inflation and interest rate fears rear their head, rattling market sentiment.

ASX futures were down 0.8% to AU$6,731 around 6:30am AEDT.

The expected losses follow a positive successive day on the Australian market yesterday, where the S&P/ASX200 gained 0.31% for the session.

Ahead of Thursday’s local market opening, the Australian dollar was down 0.7%, sitting at US$0.62c.

WTI Crude was up around 3.5%, at around US$85.7 a barrel.

Gold was up by 1.4%, at around US$1628 an ounce.

Meanwhile, Bitcoin was up by around 0.1%, to about AU$30,658.

Market watch – Defensive utilities stocks

The Utility sector is a popular safe haven for investors seeking shelter, as the global economic outlook worsens and recession looms.

AGL Energy Limited (ASX:AGL) and Contact Energy Limited (ASX:CEN) are among analysts’ favourite utility shares, according to TipRanks insights.

Disclosure