ASX ends down, as souring global economic outlook bites
Last updated: 4:45pm AEDT
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While the ASX opened higher in the morning, the souring global economic outlook that saw the U.S. bourse trade down overnight, eventually hit the local market.
The S&P/ASX200 closed lower, dropping 22.80 points or 0.34% to 6,645.00.
The broader All Ordinaries index also closed lower, dropping 27.70 points or 0.40% to 6,844.30.
Across the market, sectors ended mixed, with six of the 11 finishing lower. Industrials was the best performing sector, gaining 0.57% and rebounding from its recent decline.
Baby Bunting Group (ASX:BBN) ended the session down by more than 20%, after the company announced a drop in its first quarter profit. The baby goods retailer blamed the hit on the rising inflation, which the Australian Reserve Bank (RBA) has been working to tame with rapid interest rate hikes.
Meanwhile, although its stock retreated in the afternoon, Core Lithium (ASX:CXO) was amongst the top performers throughout the day. Its shares jumped, after the company announced it’s secured orders for 80% of its lithium production at the newly opened flagship Finniss mine.
ASX flat, but mining stocks strong
Last updated: 10:30pm AEDT
The ASX edged lower in the afternoon, but was buttressed by strong performing mining stocks.
The S&P/ASX200 was down just 2.40 points today to 6,665.
The broader All Ordinaries was down just 6.80 points, to 6,865.20.
The Materials sector was the best performing sector, up 0.70% for the session.
Amongst the top performing miners was Core Lithium (ASX:CXO), which saw its shares surge, after announcing its secured orders for 80% of its lithium production at the newly opened flagship Finniss mine.
Meanwhile, Information Technology was the worst performing sector, down 1%.
ASX edges up, despite shaky global markets
10:50am AEDT
Australian shares have edged higher this morning, as local market sentiment pushes past jittery overseas trading overnight, amid mounting global recession fears.
The local S&P/ASX200 gained 29.60 points or 0.44%, to 6,697.40 this morning.
The broader All Ordinaries index was up, gaining 30.40 points or 0.44% to 6,902.40.
Across the market, 10 of 11 sectors were higher. Materials was the best performing sector, gaining 1.50% for the session, and 1.30% for the past five days.
As central banks across the globe scramble to tame inflation, recession fears mount. Consumer staples is a sector that often shows resilience during an economic downturn, with shoppers continuing to buy the necessities throughout.
Amid recession concerns, TipRanks insights show analysts are highly bullish on Costa Group Holdings Ltd. (ASX:CGC), Metcash Limited (ASX:MTS), and Ridley Corporation Limited (ASX:RIC).
Pre-market breakdown
The ASX is set to open slightly higher today, despite shaky markets overseas, in the face of mounting global economic uncertainty.
ASX futures were up 0.28% to AU$6,690 approaching 7am AEDT.
It follows broad losses on the ASX yesterday, with all sectors closing Monday lower.
Stocks retreated on Wall Street overnight, with the Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 all down.
Ahead of Tuesday’s local market opening, the Australian dollar was down 1.2% at US$63.02c.
WTI Crude was down around 2%, at around US$90.6 a barrel.
Gold was down by 1.5%, at around US$1667 an ounce.
Meanwhile, Bitcoin was up by around 0.28%, to about AU$30,514.
Market watch
As central banks across the globe scramble to tame inflation, investors fear a looming recession. Consumer staples is a sector that often shows resilience during an economic downturn, with shoppers continuing to buy the necessities throughout.
Amid recession concerns, TipRanks insights show analysts are highly bullish on Costa Group Holdings Ltd. (ASX:CGC), Metcash Limited (ASX:MTS), and Ridley Corporation Limited (ASX:RIC).
