By the end of the trading session on 07 June 2022, the benchmark index S&P/ASX 200 ended lower by 1.53% and settled at 7,095.70. All 11 sectors closed lower along with the ASX 200. The Information Technology and A-REIT sectors were the top 2 losing sectors, declined 2.99% and 2.95% in their index values.
S&P/ASX 200 dropped sharply after the Board of Reserve Bank of Australia increased the cash rate target by 50 basis points to 0.85% to address the rising inflation. It also increased the interest rate on exchange settlement balances by 50 basis points to 75 basis points. The bank officials are expected to raise the rates further to control inflation.
Sandfire Resources Limited (ASX: SFR) and Inghams Group Limited (ASX: ING) were the top gainers with 3.356% and 3.202% growth in share prices, respectively. On the other hand, Zip Co Limited (ASX: ZIP) and Clinuvel Pharmaceuticals Limited (ASX: CUV) were the top losers, with a 14.380% and 6.713% drop in share prices, respectively.
Buy now and Pay Later company Zip Co Limited’s share price fell 14.380%, its lowest level in 4 years after Apple announced its entry into the competitive space via Apple Pay.
The Australian Dollar is trading at $0.7195 after the RBA raised its key rate by a half-point - twice what most economists had forecast.
Oil prices are higher on expected demand recovery in China as it relaxed strict COVID lockdowns and doubts a higher output target by OPEC+ producers would ease tight supply.
Dow has closed up by 0.1%, S&P 500 up by 0.3%, and NASDAQ closed higher by 0.4%.
Hang Seng is down by 0.57%, and FTSE 100 is up by 1.00%.
Top 5 Gainers and Losers Scoreboard:
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ASX 200 Ended Lower; RBA Lifts Cash Rate By 50 Basis Points
By the end of the trading session on 07 June 2022, the benchmark index S&P/ASX 200 ended lower by 1.53% and settled at 7,095.70. All 11 sectors closed lower along with the ASX 200. The Information Technology and A-REIT sectors were the top 2 losing sectors, declined 2.99% and 2.95% in their index values.
S&P/ASX 200 dropped sharply after the Board of Reserve Bank of Australia increased the cash rate target by 50 basis points to 0.85% to address the rising inflation. It also increased the interest rate on exchange settlement balances by 50 basis points to 75 basis points. The bank officials are expected to raise the rates further to control inflation.
Sandfire Resources Limited (ASX: SFR) and Inghams Group Limited (ASX: ING) were the top gainers with 3.356% and 3.202% growth in share prices, respectively. On the other hand, Zip Co Limited (ASX: ZIP) and Clinuvel Pharmaceuticals Limited (ASX: CUV) were the top losers, with a 14.380% and 6.713% drop in share prices, respectively.
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Top 5 Gainers and Losers Scoreboard:
90 Day Average Volume Outlier:
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2072, Australia | 1800 005 780 | info@kapitales.com.au.au