Australian Stock Market Today – Friday October 21: What You Need to Know
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Australian Stock Market Today – Friday October 21: What You Need to Know

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The ASX ended the day down, on the back of inflation and looming interest rate fears on Wall Street.

ASX ends final session of the week lower

Last updated: 4:20pm AEDT

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.

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